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Dormant Bank and Building Society Accounts Act 2008

Volume 506: debated on Thursday 4 March 2010

To ask the Chancellor of the Exchequer (1) how many (a) banks and (b) building societies have used the provisions of the Dormant Bank and Building Society Accounts Act 2008 to transfer funds into the Big Lottery Fund for good causes; (319965)

(2) how much money has been transferred to the Big Lottery Fund for distribution to good causes under the provisions of the Dormant Bank and Building Society Accounts Act 2008.

The Chancellor announced in pre-Budget report 2009 that the Co-operative Financial Services intend to submit an application to the FSA for authorisation to establish and administrate a Reclaim Fund, subject to work going ahead as planned, as part of the Dormant Bank and Building Societies Accounts Act 2008. Once established, dormant account funds will be transferred from banks and building societies to the Reclaim Fund. This will enable surplus funds to flow to the BIG Lottery Fund and to spending priorities in due course.