Draft:Reclaim Fund
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Submission declined on 14 July 2024 by S0091 (talk).
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Comment: The sources are borderline in terms of establishing notability, #3 is the fund's own website, and 2 and 4 look like they're based on press releases. Can you find at least one more solid (= reliable, independent, secondary source, with significant coverage of the subject) to help meet WP:NCORP? DoubleGrazing (talk) 17:17, 4 July 2024 (UTC)
Reclaim Fund Ltd (RFL) is a limited company owned by HM Treasury which operates the Dormant Assets Scheme (DAS) in the United Kingdom.[1][2][3]
RFL's role is to receive assets from financial institutions which are deemed to be dormant, where the accounts have not been accessed for a set period of time (normally 15 years or more) and owners cannot be traced.[4] RFL holds enough funds to guarantee any future reclaims of dormant assets,[5] with all surplus funds transferred to the National Lottery Community Fund for distribution to good causes.[6]
History
[edit]Following the Dormant Bank and Building Society Accounts Act 2008, the Cooperative Group agreed with the UK Government to establish a reclaim fund to hold dormant assets. RFL was subsequently created in 2011 to receive monies from dormant bank and building society accounts.[7]
In 2019 the Office for National Statistics (ONS) reclassified RFL as a public body. Following this decision, ownership of RFL was transferred to HM Treasury in 2021.[8]
The Dormant Assets Act 2022 expanded the scheme to also cover the insurance and pension policies, investment and wealth management products and UK publicly listed shares.[9]
By 2023 RFL had received £1.6bn from dormant accounts, with £900m transferred to good causes and £700m retained to cover potential payments to owners reclaiming their dormant funds. It was predicted that a further £880m could be available to RFL following the 2022 Act.[10]
See also
[edit]References
[edit]- ^ "Reclaim Fund Ltd". GOV.UK. 21 July 2022. Retrieved 4 July 2024.
- ^ "Dormant Assets Scheme". The Investment Association. 12 July 2024. Retrieved 21 July 2024.
- ^ "Reclaim Fund Ltd". Financial Conduct Authority. Retrieved 21 July 2024.
- ^ "Dormant bank accounts: A complete guide". MoneySuperMarket. 1 March 2024. Retrieved 21 July 2024.
- ^ "My forgotten bank account paid out 60 years later". BBC News. 27 February 2022. Retrieved 21 July 2024.
- ^ "How the expanded Dormant Assets Act revolutionises financial planning". moneymarketing.co.uk. 3 January 2024. Retrieved 4 July 2024.
- ^ "Co-op sets up Reclaim Fund". thebusinessdesk.com. 29 March 2011. Retrieved 4 July 2024.
- ^ "RFL Moves to New Ownership Structure". reclaimfund.co.uk. 30 March 2021. Retrieved 4 July 2024.
- ^ "'Significant moment' as Aviva becomes first participant in Dormant Assets Scheme". pensionsage.com. 5 June 2023. Retrieved 4 July 2024.
- ^ "Time to put dormant assets towards good causes". Association of British Insurers. 5 June 2023. Retrieved 21 July 2024.
External links
[edit]
Category:HM Treasury
Category:Government-owned companies of the United Kingdom
- in-depth (not just brief mentions about the subject or routine announcements)
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Make sure you add references that meet all four of these criteria before resubmitting. Learn about mistakes to avoid when addressing this issue. If no additional references exist, the subject is not suitable for Wikipedia.