Your dormant account balance
Thanks to professional governing bodies which have codes of conduct for dormant accounts, amounts as small as 1p are helping to fund pioneering research and state-of-the-art equipment, rebuild and refurbish wards and facilities, and provide child and family support services at GOSH.
Guidance can be provided by your governing bodies, some of which are detailed below.
Rule 5.1(c) of the new standard and regulations of the Solicitors' Account Rules allow firms to donate balances of up to £500 held in individual dormant accounts to charity without asking for approval from the Solicitors Regulation Authority (SRA).
Balances of £500 or more the SRA requires the SAR RULE 5.1c application-information form to be completed and returned to: Professional.email@example.com or Professional Ethics, SRA. The Cube, 199 Wharfside Street, Birmingham B1 1RN or DX720293 Birmingham 47.
The RICS Client money handling statement allows registered firms to donate balances where the owner cannot be identified after three years and cannot be traced. However, the firm must keep a receipt and proof of indemnity in case a beneficiary is found.
ACCA s.350.32 Code of Ethics and Conduct and ICAEW s.32 Clients’ Money Regulations both allow members to donate balances from accounts where the account has been dormant for some time and no account holder or beneficiary can be traced.
Estate Agents registered with one of the six approved Client Money Protection Schemes, are allowed to donate dormant accounts to charity after at least six years have elapsed and the client cannot be traced.