Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, how many and what proportion of people were reconnected with their assets (a) before and (b) after they were transferred to the Reclaim Fund Ltd in each year since the inception of that scheme.
The Dormant Assets Scheme is voluntary and industry-led. Neither the government nor Reclaim Fund Ltd (RFL) hold data on how many people have been reconnected with their assets prior to them being classed as dormant and transferred to RFL. This data is held by the individual banks and building societies that choose to participate in the Dormant Assets Scheme.
RFL data indicates that circa 7.5% of funds transferred from dormant accounts – a total of £106m since the Scheme’s inception in 2011 – has been reclaimed by customers after their dormant assets were transferred to Reclaim Fund Ltd.