The Commission on Unclaimed Assets has proposed that money from dormant accounts could be used to fund financial advice. The commission has proposed the development of a Social Investment Bank.
This would be used to help charities, community groups and other independent bodies. It would also be used to encourage the growth of financial advice. It has been reported that the new Social Investment Bank would need an initial investment of £250million, and a further £20million each year for four years to run it.
Our view
The estimated amount of cash in dormant accounts varies widely between several hundred million pounds to around £20billion. We have previously stated that we see any move by Government to use these monies for specific groups being tantamount to theft. If it is going to be used it should be used to benefit the whole nation, for example on Hospitals.