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In England, the assets will be spent with three aims in mind: providing opportunities for young people; improving financial capability and supporting institutions involved in social lending.
The relevant Devolved Authority will set the priorities for other countries.
Principles of the unclaimed assets scheme
The key principles of the proposed scheme are:
* wherever possible to re-unite account holders with the assets that are rightfully theirs;
* to provide a legal right for account holders to reclaim their money at any time;
* to take a light touch approach which minimises running costs for the scheme and participating institutions by wherever possible building on existing infrastructure in order to maximise the money available for reinvestment in the community; and
* to take account of better regulation principles. The proposed UK scheme will therefore differ significantly from other international arrangements being, in part, a self-regulatory scheme.
Mori wrote:Sunday Herald
Bid to give £40m lying dormant to Scotland’s poor
MILLIONS OF pounds left in dormant bank accounts and unclaimed assets should be given to Scotland's most disadvantaged communities, an anti-poverty campaigner will argue at a major conference tomorrow.
About £40 million will be redistributed by the Scottish government to charities and organisations once a consultation has been closed in September. The UK accounts are considered "dormant" after 15 years.
Mori wrote:...........
Scam warning over barefoot begging con
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