Investment Association supports launch of UK Dormant Assets Scheme

The Dormant Assets Scheme has expanded into the Investments and Wealth Management sector, with Jupiter, J.P. Morgan, Janus Henderson and Schroders announced today as its first participants.

The firms join more than 50 banks, building societies and insurers already signed up to the Scheme, which allows dormant assets to be channelled into social and environmental causes while safeguarding the right of customers to reclaim their funds in full at any point.

The move follows last year’s regulatory rule changes the unlocked the sector’s ability to participate. The Investment Association (the IA) and Reclaim Fund Ltd (RFL), the Scheme’s operator, have proactively worked together to enable the sector to be opened.

Since its launch in 2011, the Scheme has released over £1 billion to good causes. The latest expansion could unlock an additional £240m for financial inclusion, financial capability and other initiatives set out in the Government’s 2025 Dormant Assets Strategy.

Adrian Smith, Chief Executive of RFL, said: "This is a landmark moment for the Scheme. The early adoption by Jupiter, JP Morgan, Janus Henderson, and Schroders reflects their commitment to social impact and strong ESG practice, without compromising the rights of their clients. Participation in the Scheme is voluntary and straightforward- we welcome the opportunity to speak to interested firms and support their journey to participation.”

Chris Cummings, Chief Executive of the IA, said: "We are proud to help launch the Dormant Assets Scheme in investment management. These first four innovative firms will act as a catalyst for others to join the Scheme. Together, we can create a lasting impact and support communities throughout the UK by unlocking potentially record-breaking levels of funding for initiatives that include supporting financial literacy and inclusion.”

Jasveer Singh, Group General Counsel at Jupiter Asset Management, and Industry Champion for the Dormant Assets Scheme in the Investment and Wealth management sector, said: “Jupiter Asset Management is delighted to be one of the inaugural participants in the Dormant Assets Scheme from the Investment and Wealth Management industry. This pioneering initiative, which I have personally been involved in since 2022, is a powerful force for good that has already helped to make a positive difference in the lives of many people in the UK. Crucially, the Scheme should help improve financial literacy and education across our society, which is essential to unlocking wealth creation in the UK. It is clear that the impact our industry can have working together far exceeds what we can achieve alone and I am confident that many other firms from our sector will join the Scheme to help expand their support for important social and environmental causes at this time of real need.”

Patrick Thomson, EMEA CEO at JP Morgan Asset Management, said: “At J.P. Morgan, we are pleased to support the expansion of the UK Dormant Assets Scheme into the Investments and Wealth Management sector. This unique initiative represents an important step in ensuring that dormant assets can be put to work for the benefit of the broader society, while maintaining the highest standards of client protection. By collaborating with industry partners and the Scheme’s operator, we are helping to unlock new resources for financial inclusion, education, and community initiatives across the UK, complementing J.P. Morgan’s long-standing partnerships and investments to support economic growth, social mobility and financial security. We remain committed to responsible stewardship and to making a positive, lasting contribution to the communities we serve.”

Pat Sanderson, Head of UK Client Group at Janus Henderson, said: “At Janus Henderson, we are proud to be among the first firms to take part in the expansion of the Dormant Assets Scheme into the investment sector. With a 90-year legacy in the UK, we remain deeply committed to supporting the UK market and its communities. This initiative reflects our purpose of investing in a brighter future together- by helping to reunite individuals with their assets and, where that is not possible, redirecting those funds to charitable causes that promote financial literacy, inclusion, and opportunity. We believe this is a powerful way for our industry to make a lasting, positive impact across society.”

Kate Rogers, Global Head of Endowments and Foundations at Schroders, said: "Schroders is proud to be part of this small group of industry leaders helping extend the scope of the Dormant Asset Scheme into investment. The scheme has already made significant positive impact in the UK, and we're pleased to support innovative programmes across youth, financial inclusion, community wealth and social investment, while safeguarding the right of clients to reclaim their funds in full at any point."