Contributions To Idle Funds Up 250% As Draft Law Progresses

By Irene Madongo (November 25, 2021, 2:58 PM GMT) -- A program that pools inactive financial assets has brought in 250% more than originally predicted since its launch a decade ago, the government has said, as draft legislation to extend the program to the insurance and other sectors moves through Parliament.

The dormant assets scheme, which was set up in 2011 and is designed to unite people with their financial assets, was originally predicted to bring in approximately £400 million ($533 million). But contributions to the program have exceeded this estimate, according to guidance published on Wednesday by HM Treasury and the Department for Digital, Culture, Media and Sport.

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