On 4 April 2019, the Government published a report The Dormant Assets Scheme: a blueprint for expansion’ by "industry champions" on expanding the dormant assets scheme.
The Government issued a consultation paper in February 2020 on expanding the dormant assets scheme. This endorses many of the recommendations of the 2019 industry champions report, notably concerning the expansion of the current scheme to other asset classes - including insurance, securities and collective investment products. Of particular interest to building societies is the government's support for the alternative scheme for smaller building societies (and banks). .
Expansion of the scheme will require primary legislation so will take several years to implement. Crucially, the scheme will remain voluntary for firms.
On 15 July 2020, the BSA response to the consultation on expanding the dormant assets scheme was submitted.