UK to hand out £330m from dormant bank accounts

LONDON: The British government announced plans Thursday to distribute £330 million ($447 million, 371 million euros) taken from dormant bank accounts to good causes, bringing the total handed out to almost £700 million.

The Dormant Accounts Scheme was established in 2008, allowing the reallocation of money from accounts in which there have been no transactions for 15 years.

More than £360 million has already been given out, and another £330 million will be distributed over the next four years to initiatives including helping the homeless and vulnerable young people.

Ministers are currently considering recommendations by an independent commission to expand the scheme to other financial services, including unclaimed proceeds from life insurances and pensions products.