A bank for the third sector funded by money in dormant accounts was first proposed by the Commission on Unclaimed Assets. Several members of the commission, including the chair, Sir Ronald Cohen, and Geraldine Peacock, Matthew Pike and Bernard Horn, are now non-executive directors of Social Finance.
Other directors include David Blood, co-founder of US sustainable investment firm Generation, Stephen Lloyd, charity law expert at Bates Wells & Braithwaite, and Penny Newman, chief executive of social enterprise Café Direct.
“Our role is to improve the link between the sector and the investor community, from high-net-worth individuals to banks and foundations,” said Toby Eccles, development director at Social Finance and also secretary to the Commission on Unclaimed Assets. “We will look at ways to blend capital form these sources so they fit the needs of the sector better.”
The Government’s Dormant Bank and Building Society Accounts Bill includes provision for money in dormant accounts to be distributed to a “social investment wholesaler”. The wholesaler (or bank) is currently listed as the third priority for unclaimed assets spending after youth services and financial inclusion.