Financial System Inquiry Unclaimed Money

In a win for common sense the Financial system inquiry recommendation 41 said that the rules for unclaimed moneys should be changed back to 7 years inactive rather than the three years that it was changed to in 2012. Three years was always too short allowing that you may be wanting to save for school fees or other longer term ventures and then the government takes your money in 3 years. This was always totally unreasonable and it is a good outcome if adopted by the Government. This inquiry is partially designed to improve long term savings and this is a step in the right direction.