The following Financial Services guidance note provides comprehensive and up to date legal information covering:
The management of dormant account funds and the meeting of repayment claims by a reclaim fund are regulated activities under article 63N of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544) (RAO).
The Dormant Bank and Building Society Accounts Act 2008 (DBBSA 2008) provides the legislative framework for a scheme designed to enable certain bank and building society account balances to be reinvested for the benefit of the community. Under the DBBSA 2008, account holders retain the right of repayment of such balances against the reclaim fund to which they have been transferred. A number of countries have similar unclaimed assets schemes (eg Australia, Canada, Ireland, New Zealand, Spain and the USA).
DBBSA 2008 supplements other legal provisions eg ownerless property passes to the Crown through laws on bona vacantia (ie assets that belonged to dissolved companies and to people who have died intestate, with no known kin) and there are provisions for dealing with dormant bank accounts belonging to charities (see section 28 of the Charities Act 1993, with similar powers in Scotland and Northern Ireland). For further information see Practice Note: Total intestacy
The Prudential Regulation Authority (PRA) is required, under section 213 of the Financial
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