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Banking: Unclaimed Assets Scheme

Volume 696: debated on Thursday 8 November 2007

My honourable friend the Economic Secretary to the Treasury (Kitty Ussher) has made the following Written Ministerial Statement.

The summary of responses to the consultations on a UK unclaimed assets scheme has been published today. Copies are available in the Vote Office, Printed Paper Office and have also been placed in the Library of both Houses.

This publication also sets out the Government's response to the two consultation proposals for a UK unclaimed assets scheme. The consultation had two stages. In March, the Government released A UK unclaimed assets scheme: a consultation. In May, the Government released Unclaimed assets distribution mechanism: a consultation. Following on from these consultations, the Dormant Bank and Building Society Accounts Bill was introduced in the House of Lords on 7 November.

A final impact assessment has also been published today, copies of which are also available in the Library of both Houses.

The Dormant Bank and Building Society Accounts Bill builds on the Government's consultation and enables the transfer of money in dormant bank accounts to be made available for distribution in the community, whilst protecting consumers' right to repayment.