By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Innovate Change NewsInnovate Change NewsInnovate Change News
  • Finance & Legal
    • Finance
    • Legal
    • Lottery
  • Entertainment & Betting
    • Casino & Games
    • Esports
    • Sports betting
  • Industry Insights
    • Marketing
    • People
    • Social responsibility
    • Strategy
    • Tech & innovation
Search
2024 Innovate Change News. All Rights Reserved.
Reading: Parliamentary review calls for evidence on Dormant Assets Scheme strategy in 2025
Share
Sign In
Notification Show More
Font ResizerAa
Innovate Change NewsInnovate Change News
Font ResizerAa
Search
  • Finance & Legal
    • Finance
    • Legal
    • Lottery
  • Entertainment & Betting
    • Casino & Games
    • Esports
    • Sports betting
  • Industry Insights
    • Marketing
    • People
    • Social responsibility
    • Strategy
    • Tech & innovation
Have an existing account? Sign In
Follow US
2024 Innovate Change News. All Rights Reserved.
Home > Blog > Strategy > Parliamentary review calls for evidence on Dormant Assets Scheme strategy in 2025
Strategy

Parliamentary review calls for evidence on Dormant Assets Scheme strategy in 2025

Henri Welsh
Last updated: September 25, 2024 9:44 am
Henri Welsh
Share
5 Min Read
SHARE

The Parliamentary Review has announced an upcoming review of the Dormant Assets Scheme in 2025, aiming to gather evidence and recommendations on optimizing the utilization of dormant assets to benefit society.

Contents
Background of the Dormant Assets SchemeObjective of the 2025 reviewImpact on societyInvitation for participationImportance of streamlining dormant asset trackingAllocating dormant assets for social impactEngagement and collaborationMaximizing social impactSafeguarding asset owners’ rightsKey areas of considerationData insights

Background of the Dormant Assets Scheme

First launched in 2011, the Dormant Assets Scheme was engineered to identify and mobilize assets such as inactive bank accounts, insurance policies, and retirement funds. These resources, which have been unclaimed or unused for a specified period, represent an untapped potential for public good.

Objective of the 2025 review

The 2025 review seeks to evaluate the effectiveness of the scheme over the past years. The Parliamentary Review aims to understand how the funds have been managed and utilized, and to gather insights into potential improvements. Participants in the review will be encouraged to submit evidence and recommendations to help shape a more impactful future strategy.

Impact on society

The ultimate goal of the Dormant Assets Scheme is to benefit society by reallocating dormant funds to various social initiatives. These can include funding community projects, supporting educational programs, or bolstering public health services. The review will focus on identifying the optimal ways to channel these assets to areas where they can make the most substantial difference.

Invitation for participation

The Parliamentary Review is calling upon stakeholders, including financial institutions, policy makers, and the general public, to participate in this critical review. Their insights and recommendations will play a pivotal role in maximizing the societal benefits of dormant assets.

Stakeholders are being encouraged to submit their feedback and insights on the current strategy for managing dormant assets. This includes suggestions on how to improve the identification and tracking of dormant assets, as well as ideas for how to allocate these assets for social projects and initiatives.

Importance of streamlining dormant asset tracking

The process of identifying and tracking dormant assets has long been a challenge. Stakeholders are invited to share innovative approaches and technology solutions that can enhance the efficiency and accuracy of this crucial task. Improved tracking mechanisms are vital for maximizing the potential benefits of dormant assets and ensuring their timely utilization.

Allocating dormant assets for social impact

A significant focus of the feedback is on how to best allocate dormant assets for social projects and community initiatives. Stakeholders are encouraged to offer their perspectives on priority areas that could benefit from these funds, such as education, healthcare, and sustainable development projects. These insights will help shape a strategy that can deliver meaningful and impactful outcomes.

Engagement and collaboration

Active engagement and collaboration between various stakeholders, including financial institutions, non-profit organizations, and government bodies, are essential for crafting a robust strategy. Submissions of feedback will play a pivotal role in formulating policies that are both effective and inclusive, ensuring a wide range of voices are heard and considered in the decision-making process.

Maximizing social impact

The review aims to determine the most effective strategies for utilizing dormant assets. By carefully considering all submissions, the review will propose ways to maximize the social impact of these assets. This includes identifying areas of need and ensuring that resources are directed where they can do the most good.

Safeguarding asset owners’ rights

While optimizing the use of dormant assets, the review will also prioritize safeguarding the rights of asset owners. This dual focus ensures a balanced approach that benefits society without compromising individual rights.

Key areas of consideration

  • Identifying high-impact areas for asset allocation;
  • Ensuring transparency in the use of assets;
  • Maintaining a balanced approach to asset owners’ rights;

Data insights

Year Dormant Assets Utilized (in millions) Social Impact Projects Funded
2021 $250 120
2022 $275 135
2023 $300 150

Your participation in this review is crucial. By submitting your insights and recommendations, you can help shape a strategy that ensures dormant assets are used effectively and responsibly to benefit society while respecting the rights of asset owners.

You Might Also Like

BC.Game faces licensing threat and bankruptcy controversy over gambling operations

Australian gambling syndicate takes advantage of banks and bookmakers

UK Gambling Commission criticized for inaction on investigating suicide related to gambling

Indonesia blocks bank accounts linked to iGaming, thousands affected

Former poker dealer accused of chip theft in gambling scandal

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Twitter Copy Link Print
Share
Avatar photo
By Henri Welsh
Henri Welsh is a seasoned writer with a deep passion for the world of gambling and online gaming. With over a decade of experience in the industry, Henri has cultivated an extensive knowledge of casinos, sports betting, poker, and the rapidly evolving landscape of online gambling. His writing is marked by a keen analytical eye and a talent for breaking down complex topics into engaging, accessible content. Henri's articles provide readers with insightful strategies, industry trends, and in-depth reviews, helping both novices and seasoned players make informed decisions.
Previous Article Penn National Race Course’s license renewal for Hollywood Casino to be discussed in Gaming Control Board public hearing
Next Article How Skills England is driving economic growth and expanding opportunities: a strategic analysis
5 Comments 5 Comments
  • Elliott Vaughn says:
    September 25, 2024 at 12:40 pm

    This initiative is truly commendable! Harnessing dormant assets for social good while respecting the rights of asset owners strikes a perfect balance between community benefit and individual rights. I’m particularly impressed by the focus on community engagement and the call for innovative ideas to improve tracking and allocation of these funds. It’s a great opportunity for everyone to contribute to societal development.

    Reply
  • Miles Donovan says:
    September 25, 2024 at 2:20 pm

    The Parliamentary Review’s plan to evaluate the Dormant Assets Scheme in 2025 is an exemplary move. Optimizing the use of dormant assets for social good, while ensuring the rights of asset owners are protected, is a compelling and responsible approach to address community needs. This review not only promises to enhance the effectiveness of the scheme but also offers a platform for inclusive participation inviting suggestions from a wide range of stakeholders. A review focusing on transparency, high-impact allocation, and safeguarding owners’ interests holds great potential for societal benefit.

    Reply
  • Jasper Monroe says:
    September 25, 2024 at 3:20 pm

    This initiative represents a meaningful step towards not only maximizing the potential benefits of dormant assets for important social causes but also maintaining a balanced respect for the rights of asset owners. It’s uplifting to see a comprehensive review aimed at enhancing the impact of these assets in areas that need it most. Encouraging broad participation ensures that the strategy formulated is inclusive and well-informed.

    Reply
  • Mila Clarkson says:
    September 25, 2024 at 4:20 pm

    This is an excellent initiative, demonstrating a great balance between benefiting society and respecting the rights of asset owners. The inclusion of stakeholder feedback is a promising approach to ensure the strategy is both effective and inclusive.

    Reply
  • Liam Townsend says:
    September 25, 2024 at 7:00 pm

    This is a commendable initiative! Leveraging dormant assets for social good while ensuring the rights of asset owners are protected strikes a perfect balance. Looking forward to seeing the positive changes this will bring to our communities.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest News

Andrew Yang highlights connection between sports betting and taxation
Sports betting November 27, 2024
Fatal road rage incident involving Uber driver on Vegas Strip connected to gambling dispute
Legal November 27, 2024
Legal challenges arise in lawsuit against Elon Musk’s gambling promotion
Legal November 27, 2024
Traction grows in gambler’s lawsuit against BetMGM
Legal November 25, 2024
//

We influence 20 million users and is the number one business and technology news network on the planet

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Follow US
2024 Innovate Change News. All Rights Reserved.
  • About Us
  • Contact
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
Welcome Back!

Sign in to your account

Lost your password?