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Dormant Bank and Building Society Accounts Act 2008

Volume 491: debated on Thursday 30 April 2009

To ask the Chancellor of the Exchequer (1) by what date he expects the Reclaim Fund established under the Dormant Bank and Building Society Accounts Act 2008 will have transferred funds to the Big Lottery Fund; (272052)

(2) when the Reclaim Fund will be established under the provisions of the Dormant Bank and Building Society Accounts Act 2008.

The Dormant Bank and Building Society Accounts Act 2008 received Royal Assent on 26 November 2008. HM Treasury is consulting on secondary legislation to enable the Financial Services Authority (FSA) to regulate a reclaim fund. The consultation will close on 4 May 2009:

http://www.hm-treasury.gov.uk/consult_dormant_accounts_scheme.htm

The FSA is separately consulting on a proportionate regulatory regime for a reclaim fund. The consultation will close on 30 April 2009:

http://www.fsa.gov.uk/pages/Library/Policy/CP/2009/09_08.shtml

The Government intend the scheme to be operational as soon as possible, subject to parliamentary approval.