Current Status

Countdown to investment firm participation in the scheme:

Legislation expanding the scheme - COMPLETE

Updated industry good practice guide on tracing customers - COMPLETE 

Decision on allocation of funding - COMPLETE

Enabling regulatory change - IN PROGRESS FCA final rules expected Mid 2024

T&Cs / legal agreement with RFL - IN PROGRESS conclusion expected late 2024

Scheme open for first transfers of money - PENDING expected 2025

The Dormant Assets Scheme is an industry-led voluntary initiative established in 2011 which is backed by the UK Government and regulators. To date, £1.4bn of dormant assets – money in financial accounts where the firm is no longer in contact with the customer – has been transferred into the scheme from banks and building societies.

The money is then put to use by charities and organisations for the benefit of social and environmental causes.

The Investment sector will be able to provide the first transfers of money into an expanded Scheme in 2024-25.


Watch our webinar, the first section of which discusses the Scheme, with:

  • Adrian Smith OBE - Reclaim Fund Limited
  • Sacha Romanovitch OBE - Fair4AllFinance
  • Jasveer Singh - Jupiter Asset Mgmt, & DA Industry Champion for our sector

April 2022

Background to the Scheme

Operated by Reclaim Fund Limited (RFL), the Scheme has released £900m to good causes across the United Kingdom, and in future will be able to do more now that it is being expanded into other financial services sectors such as ours.

Importantly, assets are only able to be transferred into the Scheme once firms have completed their first priority of tracing and reuniting owners with their assets. Even then, asset owners are able - at any time - to reclaim the amount that would have been due to them had the transfer to the Scheme not taken place. This includes any valuation growth for assets in investment funds after the transfer date.

Why firms should consider participating

The Scheme deploys money that would otherwise remain dormant and puts it to good use across the UK. Firms are able to demonstrate their social conscience and practically support a wide range of charitable and other organisations in their work. Recipient organisations report annually on how the money has been deployed; this information can be utilised by firms in their own shareholder reports. As the assets can be reclaimed in full at any time participation comes at no risk to either the asset owner or the firm. Existing options for paying dormant assets away to charity or to the originating fund are fairly limited, and in the case of direct transfer to charity contain no ability to reclaim the money at a later date, or to release the obligation to the asset owner.

Current activities & next steps

The Dormant Assets Act 2022 expanded the Scheme to the Investment & Wealth Management and the Securities and Insurance sectors.

There are two more stages before firms will be able to participate:

  • the FCA is due to publish their policy statement on changes to their handbook rules in the next few months following consultation CP23/12, which closed in July 2023. We have an ongoing and constructive dialogue with the authorities to feed back the industry's views on the governance for our sector's participation and it necessarily is taking some time to account fully for this feedback. We anticipate that we will have the policy statement around the middle of this year and look forward to having the certainty of the final set of rules in place that will then allow for firms to join the scheme.
    • The legal agreement governing the entry and ongoing requirements for participation in the Scheme is currently being negotiated at sector level, co-ordinated by the IA. Firms interested in potentially joining the Scheme in future should contact the IA as early sight of the draft agreement will be advantageous.

    Actions for Firms

    • Engage in the negotiation of the terms of the Scheme, which detail the operational and legal arrangements, and are currently being agreed at a sector level with RFL;
    • Liaise with your operational teams / transfer agent if relevant, to ensure they can support the operational requirements of the Scheme;
    • Ensure your dormant assets records are up to date and that your tracing and reunification efforts are being carried out to the maximum extent;
    • Firms interested in participating in the Scheme should contact the IA in the first instance.
    Documents & further information
    DA Info Guide

    Dormant Assets Information Guide v3 Mar22

    RFL's information guide for the Dormant Assets Scheme.
    F4AF cover

    Fair4AllFinance - an introduction

    An introduction to F4AF, a beneficiary of dormant assets funding.

    Dormant Assets - Spend Allocation

    How dormant assets funding is currently allocated, and could in future.
    DCMS DA Spend

    DCMS summary of DA Spend consultation Jul22

    A summary from the DCMS on the dormant assets spend consultation of July 2022.
    RFL cover

    RFL - Scheme Expansion Apr22

    A summary from RFL of the expansion of the Scheme
    DA Scheme cover

    Dormant Assets Scheme - summary Apr22

    This document, dated April 2022, provides a brief summary on the Dormant Assets Scheme - in numbers, and the what, why, when & how.
    PfMACR cover

    IA Principles for Maintaining Active Client Relationships

    This best practice guide, dated April 2022, and formerly known as 'Principles for Tracing Gone-Away Customers', provides commentary on the steps that AFMs should consider taking to maintain the accuracy of direct retail customer contact details and to avoid dormant assets.
    TAA Summary Cover

    Summary of Dormant Assets Scheme TAA

    A summary of the Dormant Assets Scheme's Transfer & Agency Agreement with the Reclaim Fund Limited. As at January 2024, and covering the Core agreemeent only given that the final rules for investment sector participation are not yet available.


    John Allan | Head of Innovation and Operations Unit

    John can also point members to:

    Jasveer Singh | Industry Champion for the I&WM Sector and member of the Dormant Assets Expansion Board

    Steve Doyle | Chair of the IA Dormant Assets Technical Group

    Last updated