Dormant Asset Scheme expansion – comment

The extension of the Dormant Asset Scheme, which aims to reunite people with their financial assets, to include securities or shares, and dividends, will  today receive Royal Assent and will now pass into UK law.

Where a provider is not able, despite industry best practice, to reunite a person with the asset, the money goes towards social and environmental projects across the UK.

Businesses can decide if they want to join the Government-backed scheme and how much they want to transfer.

Mark Cleland, CEO Issuer Services, Computershare said “Companies are now more likely than ever to be dedicating significant resources to their corporate social responsibility work as a result of greater scrutiny of their operations in the political and social sphere as well as more widespread support for such initiatives at senior levels.

“Many firms will now be considering the best approach to the expanded dormant asset scheme as part of their wider programme of work addressing environmental, social and governance issues.

“We’ll work with clients to understand if and how they can participate in the voluntary scheme, and those who may wish to rely on existing provisions within their constitution to use the money for more specific charities that they already have a connection with.

“We’ll also work closely with the Government to advise on how the scheme’s expansion could work in practice on a sector-by-sector basis, where applicable.”