The Commission on Unclaimed Assets in United Kingdom have released a report, in which they assure that there is currently an amount between £400 million and £4 billion of unclaimed assets, sitting in dormant bank accounts in the UK. Sir Ronald Cohen (the man in the picture), who chairs the Commission, suggested the creation of a new financial institution to battle poverty and social exclusion, and fund charity investements based on those unclaimed assets.
Those existing funds would be used as security against which it could raise finance to support charitable causes. On the other hand savers would still be free to claim back their money at any time, and in the meanwhile the investments would generate an estimated 3% of return to be used in more charity projects. Great idea, specially for a bank isn't it?
Social Investment Bank
First Charity Oriented Bank
Trend Themes
1. Social Investment - Creating a new financial institution to battle poverty and social exclusion by leveraging unclaimed assets in dormant bank accounts.
2. Charity Investments - Utilizing unclaimed assets to fund charity investments and support charitable causes.
3. Dormant Bank Accounts - Exploring the potential of dormant bank accounts to generate returns for charity projects.
Industry Implications
1. Banking - Opportunity for banks to create a socially oriented financial institution focused on charity investments.
2. Social Impact - Opportunity for social impact organizations to leverage unclaimed assets to fund charitable initiatives.
3. Wealth Management - Opportunity for wealth management firms to support charity investments using unclaimed assets.