Compliance & Regulatory

Dormant and Lost Bank Accounts

We participate in the Unclaimed Assets Scheme, established under the Dormant Bank and Building Societies Act 2008. If your account has been dormant for at least 15 years, we may transfer balances of dormant accounts to Reclaim Fund Limited (RFL). RFL is a not-for-profit organisation authorised and regulated by the Financial Conduct Authority.

The aim of the scheme is to enable money in dormant accounts to be shared out for the benefit of the community, whilst at the same time protecting the rights of customers to reclaim their money. Under the terms of the Unclaimed Assets Scheme, you have the right to reclaim your money at any time. However, we'd much prefer to help you access your money before it's transferred to the scheme.

If we transfer the balance of your account to RFL, you'll have exactly the same right to payment of your balance from RFL, as you have from us (had the transfer never happened). However, we'll remain responsible for managing all aspects of the relationship with you and for handling all repayment claims (which we'll do on behalf of RFL). Therefore you should continue to contact us in the usual way if you have any queries or complaints in relation to your account or your balance.

Both us and RFL participate in the Financial Services Compensation Scheme (FSCS). The transfer of your balance to RFL will therefore have no adverse effect on your entitlement to compensation under the FSCS.