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25 July 2022

An Opportunity to Shape the Future of the £738m Dormant Assets Fund in England

The Government has launched a public consultation to gather views on the social and environmental purposes of the £738 million in dormant assets funding for England in the years ahead.

The Department for Digital, Culture, Media and Sport is providing an opportunity for the public, the voluntary, community and social enterprise sector and industry stakeholders to have their say on how to shape the direction of the Dormant Assets Scheme in England in the years ahead.

Dormant assets are financial assets, such as bank accounts, that have been untouched for a long period. The Dormant Assets Scheme is led by the financial services industry and backed by the government with the aim of reuniting people with these financial assets. Where this is not possible, the Scheme unlocks this money for social and environmental initiatives across the UK.

This 12-week public consultation follows the passage of the Dormant Assets Act 2022 which expands the Dorman Assets Scheme into a wider range of sectors. Out of the £880 million being made available for good causes across the UK, some £738 million will be awarded in England.

The consultation invites views and suggestions on the causes of youth, financial inclusion, and social investment as well as welcoming suggestion for any other social or environmental causes that the government should consider.

It is also seeking views on whether to include community wealth funds which would distribute pots of money over long periods of time in local communities in England with residents making decisions on where the money is best placed.

There is particular interest in hearing from local communities, current and potential participants, civil society organisations and any interested individuals.

Commenting on the consultation, Minister for Sport, Tourism, Heritage and Civil Society, Nick Huddleston said:

“With the cost of living crisis, it is more important than ever that we hear views from communities up and down the country on what causes we should support.”

The consultation document and the online survey can be found on GOV.UK website.

The consultation is currently open and will close on Sunday, 9 October 2022.

 

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