The Cabinet Office has launched a new commission to unlock more than £1 billion from dormant assets to fund good causes.
The role of the Dormant Assets Commission will be to collect funds from “dormant assets, such as stocks and shares that have been untouched for more than 15 years”. The funds will go to a number of good causes in a scheme.
Nick O’Donohoe, the outgoing chief executive of Big Society Capital, will chair the Commission, he said: “Over the past few years, I have been privileged to witness first-hand how unlocking UK dormant bank accounts for good causes has led to real improvements in people’s lives. But there is so much more potential.
“The Dormant Assets Commission provides an exciting opportunity to realise this, and I look forward to working with the team to make this a reality.”
Over the next year, the independent Dormant Assets Commission will identify new pools of unclaimed assets which it says may include stocks, shares, pensions and bonds.
Rob Wilson, minister for civil society, said: “More than a billion pounds of assets, that might otherwise sit gathering dust, will go into funding for charities that make a real difference to people’s lives across the country.
“To build an even more caring and compassionate country we need to transform dormant resources and give the funds to those who need it. I have no doubt that Nick is going to present a cast iron plan to help charities in the years ahead.”
The Commission builds on the work of the Dormant Accounts Scheme, where banks and building societies can already contribute accounts that have been untouched for 15 years to good causes.
Since it was started in 2008, the scheme has identified and unlocked £750 million worth of dormant assets volunteered by major banks and building societies, tens of millions of which have been donated to small charities across the UK.
Details are yet to be released on how the money will be distributed among charities in the UK.