Britons losing track of current accounts

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The number of dormant current accounts is symptomatic of the complexity of the present banking system, it has been warned.

Financial education charity Credit Action urges Britons to keep better track of where their current accounts are held.

Deputy director Chris Tapp explains: "Banking has become so much more complicated, we do all have more than one bank account.

"That often leads to confusion for people in a whole host of ways."

He suggests that a simpler system would have resulted in a situation whereby fewer funds had "slipped through the net".

Mr Tapps comments follow a Treasury select committee report requesting that dormant current accounts be used for charitable purposes.

Some £15.3 billion has remained untouched for more than 15 years, according to the Unclaimed Assets Register maintained by credit agency Experian.

This could see it be put towards the Treasurys proposed Social Investment Bank, if the select committees advice is followed.

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