13 Jun 2018
The government has announced that the dormant asset scheme is to be expanded to include to a wider set of financial assets including stocks, shares, pensions or bonds. The government has appointed four 'industry champions' to expand the dormant assets scheme across these four important financial sectors.
The Independent Dormant Assets Commission was set up in March 2016 and was tasked with unlocking billions of pounds worth of dormant assets, such as stocks and shares and bank accounts that have been untouched for more than 15 years. In a report published last year, the Commission recommended that the scheme be extended to include assets such as pensions and insurance, securities and investments.
John Glen, Economic Secretary to the Treasury, said:
'We introduced the Dormant Assets scheme with the aim of changing the lives of millions of people across the country through good causes. But without the support of businesses, the scheme wouldn’t be what it is today.
I’m delighted that these highly-experienced business leaders have agreed to be our new industry champions. Their expertise will be vital as we look at ways to expand the scheme, and I look forward to working with them to reach even more people.'
The existing Dormant Accounts scheme came into effect in November 2008. The scheme defines a dormant bank account as an account which has been continually open for at least fifteen years during which time no transactions have been carried out by the account holder or at his instruction.
Under the current scheme, banks and building societies transfer the money held in dormant accounts to a central reclaim fund. The reclaim fund is responsible for managing dormant account money, meeting reclaims and passing on surplus money to various charities for reinvestment in the community. The original account holder retains the rights to repayment upon providing satisfactory proof that the money is theirs.
Vada Studios is a very successful music recording facility. The business had outgrown their existing premises, and had a vision to create one of the top residential recording studios in the UK.
A highly successful restaurant, butcher and retail business.
GJA have been the retained accountants for this property investment and development group for over 20 years. Imminently due to dissolve companies.
Proco approached us with an idea of becoming a distributor of a high-end product in the UK, supplying vinyl nationally.
In 2008 Tom Floate left his employer to set up his own business providing website services. Initially forming a partnership with his wife Rachel, they began trading IO Studios from their home office.
Barry the Butcher is a very successful wholesale butchery and retail business.
Chris works with a diverse profile of owner managed businesses to assist them to grow and retain wealth. Although Chris works with clients from a wide range of sectors, he has particular expertise in property, catering, consultancy and professional services.
Managing Director ACMA
Alex has worked for Grenfell James since 2002 and became a director in 2013. Overseeing our internal operations, he manages the flow of work and ensures we hit our strict deadlines. Alex also manages a portfolio of clients, with expertise in manufacturing and service businesses.
Operational Director MAAT
David has worked for Grenfell James since 2006. He heads up our tax team and is highly experienced with expertise in different industries and sectors.
Tax Director ACCA
Hannah qualified in 2016, having worked for the company since 2009. She acts as a client manager for a range of businesses, with expert knowledge of the equestrian and rural sector. Hannah also manages our payroll team.
Client Manager ACCA
Mr I Cameron
NPD Design Consultants Ltd
Roy Ferguson. The Perfect Cosmetics Company.
Regent Square Estates
Mr J McCarthy
Mckechnies independent tea and coffee bar.
Paul Stanley. A S Contracts Ltd.
Andrew Knight. The Howard Arms Ilmington
Proco Coatings & Laminates
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