View this consultation in the FCA tracker table
We are consulting on changes to the FCA handbook to reflect the expansion of the Dormant Assets Scheme.
Why we are consulting
The Dormant Assets Scheme (DAS) allows banks and building societies to pay dormant monies to an authorised reclaim fund which then puts this money towards funding good causes. We have been working closely with HM Government and Reclaim Fund Limited (RFL) to support expansion of the scheme. Our final rules on facilitating the first phase of expansion (for insurance, pensions and securities assets) were published in Handbook Notice 101 and are effective from 1 August 2022.
We agreed with the Government and RFL that expansion will be phased. This is to reflect the differences between the different asset classes and their resolution processes. We are now consulting on proposed amendments to our rules and guidance to enable investment funds and client money to the expanded scheme.