A Bill to make provision for, and in connection with, using money from dormant bank and building society accounts for social or environmental purposes.
This Bill provides the legal and administrative framework for distributing assets from dormant cash accounts. Dormant is defined in the Bill as a period of 15 years during which the customer has not initiated any activity on an account. Assets will be distributed by the Big Lottery Fund on a national basis.
- In England, the assets will be spent with three aims in mind: providing opportunities for young people; improving financial capability and supporting institutions involved in social lending
- The relevant Devolved Authority will set the priorities for other countries
- Individuals will retain their rights to any accounts that have been distributed, if they make subsequent claims.
Current version of the Bill