Dormant Assets Scheme

(asked on 11th March 2021) - View Source

Question to the Department for Digital, Culture, Media & Sport:

To ask the Secretary of State for Digital, Culture, Media and Sport, what assessment he has made of the potential merits of using dormant assets to fund the delivery of national primary financial education; and if he will make a statement.


Answered by
John Whittingdale Portrait
John Whittingdale
This question was answered on 16th March 2021

The Dormant Assets Scheme has allocated £96m to tackling financial exclusion and improving financial capability. Fair4All Finance has used this money to increase access to affordable financial products and services for people in vulnerable circumstances.

Following a 2020 public consultation, the government is developing new legislation to expand the Scheme, which could unlock £880m for social and environmental initiatives.

We are considering whether the ways that dormant assets funding can be spent should be reviewed, and will update on this.

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