To ask the Chancellor of the Exchequer whether further legislation will be required for the use of unclaimed assets for charitable and other purposes. (77703)

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 industry’s steering group is currently considering issues of definition, reuniting and operation and distribution. The Government are clear 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, is assessing the legal and accounting issues involved. This work is ongoing.