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UK financial services watchdog expands use of dormant assets for good causes

( August 2, 2024, 10:02 GMT | Official Statement) -- MLex Summary: The UK’s Financial Conduct Authority has expanded the scope of the so-called Dormant Assets Scheme, which allows the use of dormant monies to fund good causes. In a policy statement released today, the financial regulator decided to facilitate the inclusion of dormant assets from the following new sectors: insurance, pensions, securities, investment assets, and client money. The FCA said in a different statement today that since 2011, the program has unlocked over 745 million pounds ($948 million) for social and environment initiatives, from over 1.35 billion pounds ($1.72 billion) in dormant bank and building society accounts. “The expansion of the scheme is estimated to potentially unlock a further 880 million pounds,” the FCA said.Statement follows and policy statement is attached....

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