Government TO distribute £330 million fromdormant accounts Up to £330 million will be recovered from dormant bank and building society accounts to help fund good causes, the government has announced. O pen accounts which have been untouched for 15 years can be sourced and accessed using the Dormant Bank and Building Society Accounts Act, and will then be distributed over the next four years by the Big Lottery Fund and Big Society Capital. The government is required to return any money if the legal account holder then asks for it to be returned. It is estimated that around £250m of the fund will be used to help disadvantaged young people across England back into work, plus plans to tackle cases of problem debt and provide housing for families and vulnerable people.
The Financial Conduct Authority (FCA) is now responsible for the regulation of the digital fundraising sector, after a revised piece of European legislation became UK law in January this year. P rofessional digital fundraising and crowdfunding platforms will now need to register with and be regulated by the FCA, after the revised Payment Services Directive (PSD2) came into effect. The revised directive comes from EU legislation which sets regulatory requirements for firms that provide payment services. PSD2 removes certain exemptions enjoyed under the previous legislation by digital fundraising platforms, as it now draws a distinction between “professional” organisations and those who raise funds “non-professionally and as part of a not- for-profit or charitable activity”, or as volunteers. Digital fundraising sector now registered and regulated by FCA
See more at: https://www.civilsociety.co.uk/news/ financial-conduct-authority-is-new-regulator-for- digital-giving-platforms.html
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