Dormant Bank and Building Society Accounts Bill [HL] 2007-08

Summary of the Bill

This Bill provides the legal and administrative framework for distributing assets from dormant cash accounts.  Dormant is defined in the Bill as a period of 15 years during which the customer has not initiated any activity on an account. Assets will be distributed by the Big Lottery Fund on a national basis. 

Key areas

• In England, the assets will be spent with three aims in mind: providing opportunities for young people; improving financial capability and supporting institutions involved in social lending
• The relevant Devolved Authority will set the priorities for other countries
• Individuals will retain their rights to any accounts that have been distributed, if they make subsequent claims.

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