£500m dormant in bank accounts
MPs want compulsory scheme for banks
A report by MPs from the
Committee has said that between £400m and £500m is held in dormant bank and
building society accounts in Britain.
MPs recommended that the government make it compulsory for banks to
participate in a scheme to use the unclaimed assets to fund social causes.
The government has proposed setting up a scheme to use the unclaimed assets
to fund social investment. A key beneficiary would be youth services such as
sports facilities, youth clubs and dance and drama venues.