Almost a billion pounds in dormant investment, bank and pension accounts will be tapped by a National Lottery-run scheme to invest in community projects and help those in need in England.
The Department for Culture, Media and Sport revealed its plans for the unclaimed £800m as part of its Dormant Assets Scheme (DAS), the Financial Times has reported. The Reclaim Fund, which has run the DAS since 2011, will be release £76m in forgotten bank accounts. Then, later in the year, it will move on to do the same to dormant pension and investment accounts, releasing a further £738m from insurance, pensions, investment and wealth management products that have been left unclaimed. 'Another kick in the teeth': Why is London's stock market light fading? The money is earmarked...
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