The Financial Services Authority (FSA) in the UK has issued a Consultation Paper (CP) setting out their proposals for the regulation of reclaim funds.
The CP explains the proposed authorisation process, prudential requirements and other consequential changes needed.
The CP will be of interest to banks and building societies eligible to participate in the
scheme and firms interested in setting up a reclaim fund (to reinvest dormant bank and building society unclaimed deposits in good causes).