The Government has announced that up to £2bn laying unclaimed in dormant assets such as stocks and shares, will be used to support the charity and voluntary sector. However, as of yet it is not clear how this funding will be allocated.

The dormant assets were identified by the independent Dormant Assets Commission, which found untapped assets in products such as unclaimed insurance policies and pensions. They include:

• £715 million from investments and wealth management;
• £550 million from the pensions and insurance sectors;
• £150 million from securities;
• £140 million from banks and building societies.

The Independent Dormant Assets Commission was set up in December 2015 to look at whether the current dormant asset scheme, which includes funds in banks and building societies, could be extended to other financial services. These include insurance products, stocks and shares, and pensions that have been classed as dormant. The current scheme has already distributed £360 million from accounts to go towards supporting good causes. Extending it could deliver lasting change to the way voluntary and charity sectors are funded. Ministers will now consider the report’s findings in detail.