Skip to main content

Dormant Bank and Building Society Accounts Act 2008

Volume 497: debated on Tuesday 13 October 2009

To ask the Chancellor of the Exchequer when he plans to commence the distribution to charities of money from dormant bank accounts under the Dormant Bank and Building Society Accounts Act 2008. (289312)

The UK dormant accounts scheme enables money in dormant bank and building society accounts to be reinvested to the benefit of the community, while ensuring that the right of account holders to reclaim their money is protected.

Following the passage of the Dormant Bank and Building Society Accounts Act in November 2008, the Government completed the legislative framework for the scheme by passing secondary legislation to enable the FSA to regulate a reclaim fund on 29 June 2009. The FSA then published its final rules for regulating a reclaim fund on 24 July 2009. The Government are looking for the scheme to be operational as soon as possible following the authorisation of a reclaim fund.