Britain to tap more 'dormant' cash for funding good causes
LONDON, Aug 2 (Reuters) -Britain's financial watchdog on Friday said it has widened the range of "dormant" assets, or cash in accounts that can be tapped to fund good causes such as charities or credit for families.
The Financial Conduct Authority said dormant cash refers to money in accounts untouched for at least 15 years and efforts to trace the owner have proved unsuccessful.
"Since 2011, the UK Dormant Assets Scheme has unlocked more than 745 million pounds ($948.68 million) for social and environment initiatives, from over 1.35 billion pounds in dormant bank and building society accounts. The expansion of the scheme is estimated to potentially unlock a further 880 million pounds," the FCA said in a statement.
($1 = 0.7853 pounds)
Reporting by Huw Jones, editing by Carolyn Cohn
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
