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887

 

House of Commons

 
 

Monday 3rd November 2008

 

Report Stage Proceedings

 

Dormant Bank and Building Society


 

Accounts Bill [Lords], As Amended


 

New ClauseS

 

Review and report to Parliament

 

Angela Eagle

 

Added on division  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.’.

 



 
 

Report Stage Proceedings: 3rd November 2008              

888

 

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

 

Negatived on division  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

 

Not called  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—

 

(a)    

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

 

accounts arrangements; and


 
 

Report Stage Proceedings: 3rd November 2008              

889

 

Dormant Bank and Building Society[Lords], continued

 
 

(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

 

Not selected  16

 

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

 


 

Mr Jeremy Browne

 

Martin Horwood

 

Not selected  17

 

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

 

Mr Jeremy Browne

 

Martin Horwood

 

Not selected  18

 

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

 


 

Mr Mark Hoban

 

Negatived on division  10

 

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

 



 
 

Report Stage Proceedings: 3rd November 2008              

890

 

Dormant Bank and Building Society[Lords], continued

 
 

Mr Mark Hoban

 

Not called  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

 

Withdrawn  8

 

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

 

preceding financial year’.

 

Simon Hughes

 

Not called  5

 

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

 

Simon Hughes

 

Not called  6

 

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

 

Simon Hughes

 

Not called  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

 

Not called  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

 

Not called  2

 

Page  10,  line  15  [Clause  19],  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 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

 

Not called  3

 

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


 
 

Report Stage Proceedings: 3rd November 2008              

891

 

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 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

 

Withdrawn  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

 

Not called  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

 

Not called  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

 

Not called  14

 

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

 

set out in section 17(1).’.

 


 

Simon Hughes

 

Not called  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.’.


 
 

Report Stage Proceedings: 3rd November 2008              

892

 

Dormant Bank and Building Society[Lords], continued

 
 

Mr Mark Hoban

 

Not called  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.’.

 

Bill read the third time and passed, with amendments.

 


 
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