Department for Digital, Culture, Media and Sport: Consultation Launched to Decide on Future Good Causes to Benefit from £738 millions Dormant Asset Fund in England

Department for Digital, Culture, Media and Sport: Consultation Launched to Decide on Future Good Causes to Benefit from £738 millions Dormant Asset Fund in England

Posted: Mon, 25 Jul 2022 13:01

Department for Digital, Culture, Media and Sport: Consultation Launched to Decide on Future Good Causes to Benefit from £738 millions Dormant Asset Fund in England

The government has launched a public consultation on what social and environmental causes should benefit from more than £700 million of dormant assets funding in England. Currently, dormant assets funding in England is required to be spent on three causes:

  • Youth,
  • Financial inclusion,
  • Social investment.

As the national recovery from the COVID-19 pandemic continues, as well as cost of living pressures, the government believes that now is the right time to review whether these remain the right causes for where funding from dormant assets can be allocated.

It comes as the Dormant Assets Scheme was recently expanded from bank accounts to include the insurance and pensions, investment and wealth management, and securities sectors, estimated to unlock around £880 million for good causes across the UK, £738 million of which will be made available for England over time.

The consultation closes on Sunday 9th October

Tags: Consultation, Dcms, Dormant Assets Fund, Insight