Onshore 2 Offshore

* BBA ready to implement new unclaimed assets regime







Britain banks stand ready to implement the Government impending scheme to release unclaimed assets for community causes, the British Bankers Association confirms today.

The Government today issued a paper detailing its proposed unclaimed assets scheme to the Treasury Select Committee, effectively confirming the design of the scheme before the legislative process begins in the next Parliamentary session. The detailed design work has been carried out after close discussion with the financial services industry and could release up to £400 million for use on community projects.

BBA Chief Executive Angela Knight says:

"The Government and the financial services industry are working together We have been redoubling efforts to reunite people with their forgotten funds in preparation for the launch of the scheme and the Government has been designing a Central Reclaim Fund to distribute some of the rest to community projects."

"The key point for savers to know is that it is never too late to reclaim. There will always be enough set aside to reimburse you with your money. You can do this directly through your bank or building society, or by using the free tracing services offered by the British Bankers Association, the Building Societies Association and National Savings and Investments. There is never a need to pay for this service."

The BBA's free scheme to reunite account holders with their unclaimed assets saw a massive rise in interest this summer, following a concerted media campaign to alert savers to the service. More than 200,000 people have visited the BBA website so far this year to find out how to reclaim their forgotten funds. During the summer months more people submitted claims than for the whole of 2006.

The unclaimed assets scheme proposed by the Government with the support of the financial services industry secures the underlying rights of the account holder or their legal heirs to reclaim their money at any given time. It also ensures customers will face no additional hurdles in reclaiming the money in their accounts, even where they have been transferred for use in community causes.