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Government to extend dormant accounts scheme to insurance

Body that funnels cash to charities says £2bn may be lying unclaimed in accounts

A government scheme that gives the proceeds from dormant bank accounts to good causes could raise a further £2bn under plans to expand it to unclaimed insurance payouts and share sales.

Since 2011, the UK’s 30 biggest banks and building societies have been voluntarily transferring money left in dormant bank accounts to a specially set-up scheme.

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Source: The Guardian