Reclaim Fund Ltd was established in 2011, following the enactment of the Dormant Bank and Building Society Accounts Act 2008 and the completion of the regulatory regime.
The Co-operative Group was approached by HM Treasury in late 2009 to support the Government and industry efforts by establishing a reclaim fund to enable dormant account monies to be used for good causes.
Reclaim Fund Ltd was incorporated on 13 August 2010 and commenced operations on 28 March 2011. Reclaim Fund Ltd is ultimately owned by Co-operative Group Ltd via its financial services holding subsidiary Angel Square Investments Limited (formerly known as Co-operative Banking Group Limited). It is authorised and regulated by the Financial Conduct Authority, operates independently with an appointed Board and Executive, and is non-profit-making.
The principal activity of Reclaim Fund Ltd is that of the receipt and management of dormant account monies.
The Dormant Bank and Building Society Accounts Act 2008 ('The Act') enables those banks and building societies, that choose to participate ('participants'), to transfer money from their dormant accounts to RFL, where surplus funds, deemed as being amounts in excess of what is required to meet future reclaims, can be distributed by RFL to The National Lottery Community Fund (previously known as Big Lottery Fund) and then onwards to good causes across the UK. The Act also ensures that the right of account holders to reclaim their money, at any time, is protected in perpetuity by transferring the individual's claim against the bank or building society to RFL.
The strategy of the Company is wholly aligned to the operational activities authorised by the Act, which permits only those activities set down in the Act. Along with the activities above, the Company is permitted to invest funds and to defray administrative costs and other reasonable expenses.
*Content such as financial figures provided in this video correct as at January 2019.
Allied Irish Bank (UK) p.l.c.