FINANCIAL NEWS: Labour MP lobbies for charities to use dormant accounts

A Labour MP has launched a campaign for charities and community groups to receive money lying in dormant bank accounts.

Martin Jones, MP for Clwyd South, tabled an early day motion in the Commons, calling on the Government to set up a multi-billion pound windfall fund for charities from money in unused accounts.

According to Jones, anything from £2 billion to £80 billion could currently reside in bank or building society accounts which are either dormant or belonged to people who didn't make a will.

"Banks and building societies were given an opportunity to get their house in order by establishing a voluntary scheme to locate account holders with their money, but they continue to fail their customers," said Jones. "Radical action is now necessary.

"The Government should introduce legislation by which money is transferred from dormant accounts and estates without a will to an independently managed fund for use by charities and good causes."

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