What is the Consultation About?

In July 2022 the government launched a public consultation asking which social and environmental causes should benefit from £880 million pounds for ‘good causes’ across the UK, £738 million of which is to be available in England. This money will be available through the Dormant Assets Scheme, in accordance with the Dormant Assets Act (2022).

The current good causes that benefit from this funding are youth, financial inclusion, and social investment. The government is currently reviewing these causes, which is why WRC is submitting a consultation response. We want to promote our members, networks, and the broader Women’s Sector to be future beneficiaries of the scheme.


What are 'Dormant Assets' and why does the scheme matter to the Women’s Sector?

Dormant Assets are financial assets that have remained untouched or dormant for a long period of time. These financial assets can include bank accounts, insurance, pensions, and investments. The Dormant Assets Scheme works to reunite people with these financial assets where they have remained dormant and unused. Where this is not possible, the Scheme unlocks this money to be used for financial and environmental initiatives across the UK.

The Dormant Bank and Building Society Accounts Act was passed in 2008, and in 2022 the Dormant Assets Act expanded the assets eligible for inclusion in the scheme. This consultation is to consult the public about the future direction of the English proportion of the funding.


What Does WRC’s Dormant Assets Consultation Submission say and ask for?

WRC would like the Dormant Assets Scheme to acknowledge and recognise the work of the Women’s Sector as a ‘cause’, and for the specific needs of diverse women and girls to be specified as funding beneficiaries. WRC believes that the lack of reference to women or people with protected characteristics throughout the scheme disadvantages women and girls, the Women’s Sector and marginalised communities.

WRC thinks that the scheme should work in accordance with the Equality Act (2010) and Public Sector Equality Duty, to ensure that the Dormant Assets funding is fairly and proportionally distributed.

WRC would like to see that the distribution of the Dormant Assets Scheme is informed by equality and equity and that a women-specific lens and equalities framework is used when distributing funding across the three ‘causes’ (youth, financial inclusion, and social investment). WRC is also asking that the Dormant Assets Scheme include a specific Women’s Fund that would be an independent trust or body, supported by WRC and an advisory body of regional representatives from across the Women’s Sector. The Women’s Fund would fund women’s organisations and the sector and would become a funding body in its own autonomous right; led by women for women and girls.

The full submission can be read here.

How can you or your organisation get involved in and support WRC’s submission?

This consultation closed in October 2022. Thanks to everyone who signed up. We will send an email out to everyone who contacted us about this consultation in early 2023 to see how we can continue the pressure and make a women-specific fund happen!

If you would like to find out further information or get involved in our future campaigning plans to generate a Women’s Fund for the sector please contact: [email protected]