Aviva and Reclaim Fund Ltd (RFL), the HM Treasury-owned and FCA-regulated operator of the Dormant Assets Scheme, have successfully completed the first transfer of dormant assets from the insurance and pensions sector to the scheme.

The move sees Aviva join over 40 UK banks and building societies that currently participate in the scheme.

Industry-led and backed by the Government, the scheme enables dormant assets to be used to support social and environmental initiatives, while ensuring customers can be reunited with their assets in full at any point.

Aviva has become the first participant in the expanded scheme, having worked with the Government, industry and RFL for over six years to adapt the successful model to new sectors and additional financial assets, culminating in the Dormant Assets Act 2022.

Group general counsel and company secretary at Aviva, Kirsty Cooper, commented: “We have been working proactively with RFL and the wider dormant assets community for a number of years to expand the hugely successful Dormant Assets Scheme to the Insurance and Pensions sector and adapt it for longer-term products.

“It is great to see the culmination of a lot of hard work reaching fruition and it is such a privilege to be the first participant in our sector. We have been involved with the Dormant Assets Scheme since 2016 and hope that Aviva’s participation will encourage other companies to take part, with the dual purpose of reuniting customers with their assets while also ensuring dormant assets can have a positive impact on our society.”

The Scheme is voluntary and all participants need to show they take extensive efforts to trace the original owners of dormant assets so people can be reunited with their funds.

Since the Scheme was first established for banks and building societies in 2011, more than £1.6bn in dormant assets has been transferred to RFL. From this, almost £900m has been distributed to good causes, benefitting over 2,500 social, community and environmental initiatives across the UK.

The Association of British Insurers (ABI) has been a proactive supporter of the Scheme expansion and has developed new resources to help companies in their preparations for joining the Scheme.

“This expansion unleashes our sector’s potential to use the millions of pounds it has in unclaimed assets to support good causes, with customers being able to reclaim their money indefinitely,” said director general at the ABI, Hannah Gurga.

“We’re delighted that years of work with Government, Reclaim Fund Ltd and industry has come to fruition and to see the first transfer successfully completed. We hope that other insurers and pension providers will follow and have launched a new Participation Guide for those who are interested in joining the Scheme.”

RFL chief executive, Adrian Smith, added: “The Dormant Assets Scheme has a clear purpose and a unique role in uniting public, private and third sectors to deliver a demonstrable, positive impact in our most vulnerable communities.

“We are delighted to open the Scheme to financial institutions with dormant insurance and pensions assets enabling them to participate alongside established banks and building societies. The Scheme is straightforward to join, tightly regulated and carefully managed so customers can trust in the lifelong promise that they can reclaim any dormant assets at any point in time.”

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