At Vestigium, we welcomed HM Treasury's (HMT) and Department for Digital, Culture, Media & Sports (DDCMS) consultation on expanding the dormant asset scheme. As the document states in the forward: "Dormant assets remain the rightful property of their owners, and the scheme guarantees their right to reclaim the amount owed to them at any time. This underpins the entire scheme, and is crucial to ensuring that everyone—from consumers to firms—trusts and supports it."
The consulatation investigates how it might be possible to include other asset classes in the currently active dormant assets scheme (which runs for banks and building societies). For some, this expansion may generate queries on what the best way to make this a reality is, for example where dormant shares are subject to full restitution - but that is what the consultation seeks to understand and iron out. Vestigium supports the principles of the Expansion, especially 'Principle 1' which states, "participants' first priority is to trace and reunite people with their assets". Vestigium has proved, via its current client base, that much of this money which is classed as dormant can be returned to its beneficial owners.
If you are looking to partake in the expanded dormant assets scheme, and want to follow the first principle of 'Reunification First' then Vestigium Services can help you and your organisation. Please feel free to get in contact with us via firstname.lastname@example.org.