The Government first began to address the issue of Dormant Assets in 2008 with the Dormant Bank and Building Society Accounts Act. This led to significantly enhanced reunification of dormant assets by our banking institutions. In December 2015, Nick O'donohoe was asked by the Minister for Civil Society, Rob Wilson, to chair the new independent Commission on Dormant Assets. The Commission’s remit was to look beyond simple bank and building society accounts and consider the full spectrum of potentially dormant financial and non-financial assets. Its ambition was to encourage steps that could minimise existing and future dormancy, reunite assets with their beneficial owners and, where that was not possible, recommend a mechanism to recycle dormant funds to be used to address key social issues throughout the UK.
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