Dormant Bank and Building Society Accounts Bill [HL] — 29 Jan 2008 at 18:34

moved Amendment No. 13:

After Clause 10, insert the following new Clause-

"Triennial report to Parliament

(1) Within three years of the commencement of this Act, and not more than every three years thereafter, the Treasury shall prepare a report on the operation of the dormant accounts arrangements.

(2) The report shall include-

(a) the effectiveness of arrangements that exist to enable those with rights, including those whose rights are established by way of a will, in respect of accounts with banks and building societies to trace those accounts and to be paid money held in those accounts;(b) the amount of money which has been transferred to one or more reclaim funds under section 1 and to charities under section 2 in the period covered by the report;(c) an estimate of the amount of money which could be transferred under sections 1 and 2 together with the Treasury's view of the possible reasons for such money not being transferred;(d) the effectiveness of the arrangements made by reclaim funds to meet repayment claims;(e) the appropriateness of the way in which banks and building societies have identified accounts as dormant within section 10;(f) the desirability and practicality of establishing similar schemes for other categories of assets which have or may become dormant; and(g) any other matters that the Treasury considers to be relevant to the operation and scope of the dormant account arrangements.

(3) If the report shows any of the matters covered by the report are unsatisfactory in any respect, the Treasury shall state-

(a) the improvements that could be made to the arrangements;(b) whether those improvements require legislation or could operate on a voluntary basis;(c) the timescales involved in achieving those improvements;(d) the detailed actions that the Treasury propose to take.

(4) Before preparing the report the Treasury shall consult those persons who it considers have relevant knowledge of the operation of the dormant account arrangements.

(5) The report shall be published in such manner as the Treasury shall determine and shall be laid before each House of Parliament."

On Question, Whether the said amendment (No. 13) shall be agreed to?

Their Lordships divided: Contents, 159; Not-Contents, 125.

Debate in Parliament | Source |