The Dormant Assets (Distribution of Money) (England) Order 2023

The Dormant Assets (Distribution of Money) (England) Order 2023 has been published in the Official Journal of the UK on legislation.gov.uk. The order supplements the Dormant Bank and Building Society Accounts Act 2008 in that it specifies the use of dormant assets from accounts held at banks and building societies in UK. Dormant accounts are thereby those accounts where there have been no transactions in the past 15 years and where the institution was NOT instructed otherwise by the account holder to refrain from getting in touch with the account holder during that time. Specifically, such assets, once identified as being dormant assets, may be transferred and used for the following purposes – as quoted:
– the provision of services, facilities or opportunities to meet the needs of young people;
– the development of individuals’ ability to manage their finances or the improvement of access to personal financial services;
– distributions to „social investment wholesalers“ whereby „social investment wholesalers“ are defined as bodies that exist to assist or enable other bodies to give financial or other support to third sector organisations; and
– distributions to community wealth funds which are defined as „funds which give long term financial support (whether directly or indirectly) for the provision of local amenities or other social infrastructure“.