Policy background Classification of Reclaim Fund Ltd (RFL) as a public body
As specified in the 2008 Act, a reclaim fund is responsible for receiving dormant assets funds from participants, managing the reserves to meet customer reclaims, and making surplus funds available to TNLCF to be spent on social or environmental purposes.
	RFL was established in 2010 by the Co-operative Banking Group (renamed Angel Square Investments Ltd) and (at the time of writing) is the only authorised reclaim fund in the United Kingdom. Following a decision by the Office for National Statistics to classify RFL to the central Government subsector, RFL has been established as a Non-Departmental Public Body (NDPB) of the Treasury, operating at arm's length from the Government. RFL continues to manage the Scheme in an open and transparent way, governed by a separate board of directors.
	RFL's funds remain separate from central Government funds, and the Treasury does not have access to dormant assets money. Surplus funds continue to be transferred to TNLCF for distribution in accordance with legislation.
	The Act reflects RFL's establishment as a NDPB of the Treasury and names it as the Scheme's only authorised reclaim fund. It also includes a power for the Treasury to designate additional authorised reclaim funds in the future.