Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, whether he plans to transfer assets residing in dormant accounts to the Community Trust Fund.

Following the government's commitment to expand the Dormant Assets Scheme, the Dormant Assets Bill was introduced to the House of Lords on Wednesday 12 May. This will enable the Dormant Assets Scheme to accept a wider range of dormant assets – expanding from bank and building society accounts to include certain assets in the insurance and pensions, investment and wealth management, and securities sectors.

The Government recognises the public interest in how this funding is spent in England, and has concluded that some increased flexibility in determining this would be beneficial. The Bill therefore amends the approach to restrictions in England in the 2008 Act to mirror the model used for the devolved administrations.

Subject to this measure passing, the Government will be launching a public consultation on the way that funds are spent in England to give people a say in how future funds are spent. The consultation will inform English expenditure only, and the current restrictions on initiatives focused on youth, financial inclusion, or social investment will continue until or unless a new order is made.