Skip to main content

Unclaimed Assets

Volume 447: debated on Tuesday 13 June 2006

To ask the Chancellor of the Exchequer what progress he has made in establishing (a) the extent of unclaimed assets in the UK and (b) their availability for charitable or other purposes. (77331)

The Government reported in the Budget that the banking industry has set in train work to develop a scheme to enable unclaimed assets to be reinvested in society. The Government are clear that that such a scheme needs to be consistent with retaining the rights of owners to reclaim assets at any time and, with this in mind, are assessing the legal and accounting issues involved. The industry's steering group is considering issues of definition, reuniting and operation and distribution. This work is ongoing.