The FSA has published Policy Statement 09/12, containing feedback on Consultation Paper 09/8 and setting out its final rules on regulating reclaim funds. Reclaim funds are institutions to which banks and building societies will be able to transfer funds from dormant accounts.
The Policy Statement outlines how the FSA will recover the costs of setting up the regime from the institutions eligible to participate in the scheme. It also contains the final rules that will apply to reclaim funds and the wider regulatory, supervisory and reporting requirements to which they will be subject. It also sets out the protection that customers can expect once their money has been transferred from a dormant account by their bank or building society to a reclaim fund.