The government will use the Dormant Assets Scheme (DAS) to unlock money that cannot be reunited with its owners. The cash will support people to get out of debt and assist social enterprises with innovative energy-saving solutions.
The DAS will initially release £76m tied up in forgotten bank and building society accounts. Later in the year, the government is expected to unlock an additional £738m from insurance, pensions, investment and wealth management products that have been left unclaimed.
The funds will provide no-interest loans for 69,000 individuals struggling with finances via a £45m grant distributed by Fair4All Finance.
Another £31m will be distributed by social investors Access and Big Society Capital and distributed to hundreds of charities, with the goal of retrofitting their buildings to use cleaner, greener and more efficient energy systems, such as new boilers or heat pumps, solar panels and new lighting.
“Today, we are announcing that...