Select Committee on Treasury Eleventh Report


FORMAL MINUTES

Tuesday 24 July 2007

Members present:


John McFall, in the Chair

Mr Graham Brady
Mr Colin Breed
Jim Cousins
Mr Philip Dunne
Mr Michael Fallon
Ms Sally Keeble
Mr Andrew Love
Mr George Mudie
Mr Siôn Simon
John Thurso
Mr Mark Todd
Peter Viggers



*****

Unclaimed assets within the financial system

The Committee considered this matter.

Draft Report (Unclaimed assets within the financial system), proposed by the Chairman, brought up and read.

Ordered, That the draft Report be read a second time, paragraph by paragraph.

Paragraph 1 read, amended and agreed to.

Paragraphs 2 to 12 read and agreed to.

Paragraph 13 read as follows:

We welcome the Government's commitment to legislation to facilitate the use of unclaimed assets for the public good. However, we are unconvinced that the Government is correct to pursue a voluntary approach. A compulsory scheme has the overwhelming advantage of guaranteeing fairness and consistency between institutions. We urge the Government to reconsider the voluntary basis of its proposals. If the Government is still minded to continue with a voluntary scheme, we recommend that the forthcoming legislation be prepared so as to include reserve powers for Ministers to establish a compulsory scheme at a later date without recourse to further primary legislation, should a voluntary scheme prove unsuccessful. If a voluntary scheme is established, we recommend that the Government put in place arrangements to ensure information about institutions that are, and are not, participating in the scheme is publicly available.

Amendment proposed, in line 2, to leave out from the word "good" to the word "If" in line 6.—(Mr Michael Fallon)

Question put, That the Amendment be made.

The Committee


divided.

Ayes, 3Noes, 3
Mr Graham Brady
Mr Philip Dunne
Mr Michael Fallon
Mr Andrew Love
Mr Siôn Simon
John Thurso



Whereupon the Chairman declared himself with the Noes.

Paragraph agreed to.

Paragraphs 14 to 23 read and agreed to.

Paragraph 24 read, amended and agreed to.

Paragraphs 25 to 27 read and agreed to.

Paragraph 28 read, amended and agreed to.

Paragraphs 29 to 66 read and agreed to.

Paragraph 67 read, amended and agreed to.

Paragraphs 68 and 69 read and agreed to.

Paragraph 70 read, divided and agreed to (now paragraphs 70 and 71).

Paragraphs 71 to 79 read and agreed to (now paragraphs 72 to 80).

Paragraph 80 read, amended and agreed to (now paragraph 81).

Paragraphs 81 to 83 read and agreed to (now paragraphs 82 to 84).

Paragraph 84 read, divided and agreed to (now paragraphs 85 and 86).

Summary read and agreed to.

Resolved, That the Report, as amended, be the Eleventh Report of the Committee to the House.

Ordered, That the Chairman make the Report to the House.

Ordered, That embargoed copies of the Report be made available, in accordance with the provisions of Standing Order No. 134 (Select committees (reports)).

Several Memoranda were ordered to be reported to the House for printing with the Report.

[Adjourned to a day and time to be fixed by the Chairman.







 
previous page contents next page

House of Commons home page Parliament home page House of Lords home page search page enquiries index

© Parliamentary copyright 2007
Prepared 6 August 2007