The Dormant Assets Scheme has expanded into the investment and wealth management sector, with Jupiter, J.P. Morgan, Janus Henderson, and Schroders announced as the first participants.

The scheme, which launched in 2011, enables dormant assets to be funneled into social and environmental causes while protecting customers’ rights to reclaim their funds at any time.

Since its launch, the scheme has released more than £1bn to good causes, with the expansion into the investment and wealth management space expected to provide an additional £240m for financial inclusion, financial capability, and other initiatives outlined in the government's 2025 Dormant Assets Strategy.

Jupiter, J.P. Morgan, Janus Henderson, and Schroders join over 50 banks, building societies, and insurers already signed up to the scheme.

The latest expansion of the scheme follows changes to regulation last year that enabled the participation of the wealth and investment management sector.

The scheme’s operator Reclaim Fund Ltd (RFL) and the Investment Association have worked collaboratively to enable the sector to be opened to the scheme.

Under the scheme, RFL will reimburse firms if owners of the dormant assets later come forward to reclaim their money, with funds reserved for this purpose, while the surplus supports social and environmental initiatives through The National Lottery Community Fund.

Commenting on the expansion, Minister for Sport, Tourism, Civil Society and Youth, Stephanie Peacock, said: "Today marks an exciting milestone as we welcome the investment and wealth management sector into the Dormant Assets Scheme.

“With over £1bn already released for good causes, we're seeing real impact – a twelvefold growth in the UK social investment sector.

"With the government's new £440m funding commitment, I encourage other firms to join this vital mission and help us turn dormant assets into life-changing opportunities for people across the country."

RFL chief executive, Adrian Smith, added: "This is a landmark moment for the scheme. The early adoption by Jupiter, JP Morgan, Janus Henderson, and Schroders reflects their commitment to social impact and strong ESG practice, without compromising the rights of their clients.

“Participation in the Scheme is voluntary and straightforward - we welcome the opportunity to speak to interested firms and support their journey to participation.”

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