Consultation launched on which good causes should benefit from dormant assets fund

Date published: 05 August 2022

A public consultation has been launched on what social and environmental causes should benefit from £738 million of dormant assets funding in England.

The Dormant Assets Scheme reunites people with lost financial assets, and, if the money remains unclaimed, uses it to back social and environmental initiatives across the UK.

The public consultation follows the passage of the Dormant Assets Act 2022 earlier this year, which expanded the Dormant Assets Scheme into a wider range of sectors. The expansion potentially unlocks around £880 million for good causes across the UK, £738 million of which will be made available for England over time.

The consultation launched last month and will close on Sunday 9 October.

The consultation invites views and suggestions on:

- The current three causes supported by the scheme and whether they should continue to benefit from its support. These causes are:

  • the provision of services, facilities, or opportunities to meet the needs of young people.
  • the development of individuals’ ability to manage their finances or the improvement of access to personal financial services.
  • funding for social investment wholesalers to support civil society organisations.

- Community wealth funds and whether they should start benefiting from the Scheme’s support. Community wealth funds are defined as funds which give long term financial support (whether directly or indirectly) for the provision of local amenities or other community infrastructure.

- Any other social or environmental causes that should be considered for the English portion of the Scheme.

Rochdale MP Sir Tony Lloyd is urging local residents to have their say in the consultation.

He said: "We're in the middle of a cost of living crisis, so it is important people that people in Rochdale and across the country have their say on the scheme to ensure it makes a difference where it matters.

"It’s vital that communities here in Rochdale benefit on what causes we should support, and I would encourage everyone to participate and have your say."

To have your say in the consultation, click here.

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