3557

House of Commons

Monday 3rd November 2008

Consideration of Bill

Dormant Bank and Building Society

---

Accounts Bill [Lords], As Amended

---

New ClauseS

Review and report to Parliament

Angela Eagle

NC3

To move the following Clause:—

‘(1)	The Treasury shall carry out a review of—

(a)	the operation of this Part, and

(b)	the effectiveness of the efforts made by financial institutions to secure

that those entitled to money in inactive accounts are made aware of the

fact.

(2)	In reviewing the operation of this Part the Treasury shall in particular consider—

(a)	how many banks and building societies have transferred balances as

mentioned in section 1(1) or 2(1);

(b)	how much money has been transferred and how promptly;

(c)	how effective have been the arrangements for meeting claims made by

virtue of section 1(2)(b) or 2(2)(b).

But the review shall not consider the activities of a reclaim fund in so far as they

are regulated activities for the purposes of the Financial Services and Markets Act

2000 (c. 8).

(3)	The Treasury shall make arrangements to enable anyone with an interest in any

aspect of the review to make representations, and shall consider all

representations received.

(4)	The Treasury shall set out the results and conclusions of the review in a report and

lay it before Parliament.

(5)	The report must be laid within three years from the date when a reclaim fund is

first authorised.’.

Consideration of Bill: 3rd November 2008

3558

Dormant Bank and Building Society [Lords], continued

Register of dormant accounts

Mr Jeremy Browne

Dr Vincent Cable

Mr Charles Walker

Mr Martyn Jones

Dr Ian Gibson

John McFall

Total signatories: 7

NC1

To move the following Clause:—

‘(1)	The Treasury may make such regulations as are necessary for the establishment,

maintenance and operation of a register of dormant account funds (“the register”).

(2)	The regulations made under subsection (1) shall provide for—

(a)	particulars relating to the dormant account to be entered into the register;

(b)	arrangements to allow any registered charity to enquire of the registrar

whether the register includes an account in the name of a deceased

individual from whom the charity might expect to benefit;

(c)	arrangements to allow any registered charity to be able to trace an

account or accounts at any one time; and

(d)	other particulars as may be prescribed by the Treasury.

(3)	Before making any regulations under subsection (1), the Treasury shall consult—

(a)	such persons as are likely to be affected by those regulations; and

(b)	such persons as the Treasury considers appropriate.

(4)	Regulations made under subsection (1)—

(a)	may make different provision for different cases; and

(b)	may contain such incidental, supplemental, consequential and

transitional provision as the Secretary of State thinks fit.

(5)	The power to make regulations under subsection (1) is exercisable by statutory

instrument.

(6)	No regulations may be made under subsection (1) unless a draft of the statutory

instrument containing the regulations has been laid before, and approved by a

resolution of, each House of Parliament.’.

Report to Parliament

Mr Mark Hoban

NC2

To move the following Clause:—

‘(1)	The Treasury shall keep the operation of the dormant accounts arrangements

under review.

(2)	From time to time the Treasury shall prepare reports to each House of Parliament

on the operation of the dormant accounts arrangements.

(3)	Within three years of the commencement of this Act, the Treasury shall prepare

its first report.

(4)	Each report shall include—

Consideration of Bill: 3rd November 2008

3559

Dormant Bank and Building Society [Lords], continued

(a)	a review of the operation, effectiveness and scope of the dormant

accounts arrangements; and

(b)	any other matters that the Treasury considers to be relevant to the

operation of dormant account arrangements.

(5)	If the report shows that any of the matters covered by the report are unsatisfactory

in any respect, the Treasury shall state—

(a)	the improvements that are to be made to the arrangements;

(b)	whether such improvements require legislation or could operate on a

voluntary basis;

(c)	the timescales involved in achieving those improvements; and

(d)	the actions that the Treasury propose to take.

(6)	In preparing each report, the Treasury shall consult—

(a)	those persons who it considers to have relevant knowledge of the

operation of the dormant account arrangements; and

(b)	such persons as it considers appropriate.

(7)	Each report shall be published in such manner as the Treasury shall determine,

and shall be laid before each House of Parliament.

(8)	The Treasury may make an order removing the obligation to prepare reports in

subsection (2) above.

(9)	An order made under subsection (8) above may not be made unless a draft of the

statutory instrument containing it has been laid before, and approved by a

resolution of, each House of Parliament.’.

Mr Jeremy Browne

Martin Horwood

16

Page  2,  line  39  [Clause  2],  leave out ‘or building society’.

Mr Jeremy Browne

Martin Horwood

17

Page  3,  line  10  [Clause  3],  leave out ‘or building society’.

Mr Jeremy Browne

Martin Horwood

18

Page  3,  line  13  [Clause  3],  leave out ‘or building society’.

Consideration of Bill: 3rd November 2008

3560

Dormant Bank and Building Society [Lords], continued

Mr Mark Hoban

10

Page  4,  line  42  [Clause  5],  leave out subsection (4).

Mr Mark Hoban

12

Page  5,  line  1  [Clause  5],  at end insert—

‘(4A)

Where the Treasury gives a direction under subsection (4), that direction shall be

published within 28 days of it being given.’.

Simon Hughes

8

Page  9,  line  17  [Clause  16],  after ‘State’, insert ‘no later than 1st March in the

preceding financial year’.

Simon Hughes

5

Page  9,  line  31  [Clause  17],  after ‘meeting’, insert ‘revenue or capital’.

Simon Hughes

6

Page  9,  line  31  [Clause  17],  after ‘of’, insert ‘existing or new’.

Simon Hughes

7

Page  9,  line  38  [Clause  17],  at end insert—

‘(1A)

At least three-quarters of the dormant account money for meeting English

expenditure distributed in each financial year shall be distributed for the purposes

set out in (1)(a) above.’.

Simon Hughes

1

Page  10,  line  5  [Clause  18],  at end insert—

‘(1A)

Any order made under this section shall ensure that at least half of the distribution

of dormant account money for meeting Welsh expenditure must be made for

meeting revenue or capital expenditure on or connected with the provision of

existing or new services, facilities or opportunities to meet the needs of young

people.’.

Simon Hughes

2

Page  10,  line  15  [Clause  19],  at end insert—

Consideration of Bill: 3rd November 2008

3561

Dormant Bank and Building Society [Lords], continued

‘(1A)

Any order made under this section shall ensure that at least half of the distribution

of dormant account money for meeting Scottish expenditure must be made for

meeting revenue or capital expenditure on or connected with the provision of

existing or new services, facilities or opportunities to meet the needs of young

people.’.

Simon Hughes

3

Page  10,  line  25  [Clause  20],  at end insert—

‘(1A)

Any order made under this section shall ensure that at least half of the distribution

of dormant account money for meeting Northern Ireland expenditure must be

made for meeting revenue or capital expenditure on or connected with the

provision of existing or new services, facilities or opportunities to meet the needs

of young people.’.

Simon Hughes

9

Page  14,  line  36  [Clause  30],  leave out subsections (1) and (2) and insert—

‘(1)	Part 1 shall come into force on 5 January 2009.

(2)	Part 2 shall come into force on 6 April 2009.’.

Mr Mark Hoban

11

Page  16,  line  32  [Schedule  1],  at end insert—

‘(ca)

the name of each bank and building society listed in the FSA Register

in respect of which no monies were transferred to the fund.’.

Mr Mark Hoban

13

Page  19,  line  13  [Schedule  3],  at end insert—

‘(2A)

The strategic plan for England must have regard to the likely level of the funds

transferred to the Big Lottery Fund from the Reclaim Fund and shall set out the

allocation of these funds between the priorities set out in section 17(1).’.

Mr Mark Hoban

14

Page  19,  line  27  [Schedule  3],  after ‘(3)(b)’, insert ‘and the priorities for spending

set out in section 17(1).’.

Consideration of Bill: 3rd November 2008

3562

Dormant Bank and Building Society [Lords], continued

Simon Hughes

4

Page  24,  line  26  [Schedule  3],  at end insert—

‘Estimates

9A	The Big Lottery Fund shall no later than one month before the end of each

financial year publish an estimate of the apportionable income which it expects

to have available for the following financial year.’.

Mr Mark Hoban

15

Page  24,  line  32  [Schedule  3],  at end insert ‘which shall include—

(i)	the amount distributed in the year in—

(a)

England,

(b)

Wales,

(c)	Scotland, and

(d)	Northern Ireland;

(ii)	the amount of expenses defrayed in the year in accordance

with subsections (1) and (2) of section 25;

(iii)

the amount paid to the Consolidated Fund in accordance with

subsections (3)(a) and (b) of section 25.’.

Order of the House [6th OCTOBER 2008]

That the following provisions shall apply to the Dormant Bank and Building Society

Accounts Bill [Lords]:

Committal

1.	The Bill shall be committed to a Public Bill Committee.

Proceedings in Public Bill Committee

2.	Proceedings in the Public Bill Committee shall (so far as not previously

concluded) be brought to a conclusion on Tuesday 21st October 2008.

3.	The Public Bill Committee shall have leave to sit twice on the first day on

which it meets.

Consideration and Third Reading

4.	Proceedings on consideration shall (so far as not previously concluded) be

brought to a conclusion one hour before the moment of interruption on the

day on which those proceedings are commenced.

5.	Proceedings on Third Reading shall (so far as not previously concluded) be

brought to a conclusion at the moment of interruption on that day.

6.	Standing Order No. 83B (Programming committees) shall not apply to

proceedings on consideration and Third Reading.

Other proceedings

7.	Any other proceedings on the Bill (including any proceedings on any

messages from the Lords) may be programmed.

---

Revised 3 November 2008