The FCA has published a policy statement setting out its final rules for the second stage of the Dormant Assets Scheme.
The scheme provides for banks and building societies to pay dormant monies into an authorised reclaim fund, supporting the funding of good causes. The first phase took effect from 1 August 2022 and brought in insurance, pensions and securities assets.
The second phase covers investment assets and client money sectors, allowing Reclaim Fund Limited (RFL) to accept contributions from these. It aims to allow more funds to be released from these sectors for good causes, whilst also providing for customers with a right to reclaim to do so without difficulty.
The FCA had consulted on enabling those transferring unwanted assets to refer complaints about RFL to FOS. The policy statement sets out that the FCA will not be allowing those who transfer an unwanted asset to be eligible to complain to FOS about RFL.
The change comes into force on 2 August 2024.