AQW 12010/17-22

Ms Claire Sugden
Independent
East Londonderry

Tabled Date: 14/12/2020
Answered On Date: 22/12/2020
Priority Written: No

Question:
To ask the Minister of Finance, in relation to his Dormant Accounts Fund statement, (i) what expansions to the definition of Dormant Accounts are being considered by his Department; (ii) what communications with the owners of these dormant accounts are being considered; and (iii) what time period will the owners of the dormant accounts have to secure the funds in their accounts.

Answer:

(i)The Department for Culture, Media and Sports (DCMS) is responsible for the legal definition of Dormant Assets. DCMS is finalising their response to the consultation on expanding the definition of Dormant Assets and this should be published in the new year.

(ii)DCMS has held a public consultation with all key stakeholders.

(iii)Dormant Assets remain the rightful property of their owners, and the legislation guarantees their right to reclaim the amount owed to them at any time.