Dormant account funds join authorised community

Reclaim funds, which handle the dormant accounts of banks and building societies, will be authorised and regulated by the FSA, under proposals in CP09/8. Accounts that have been inactive for 15 years, which are not subject to disincentives or constraints on withdrawal, or where the customer has not said that they wanted no communication with the institution, may be transferred to a reclaim fund and the liability of the deposit taker will be extinguished.