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

Type of Bill:
Government Bill
Sponsors:
Lord Davies of Oldham
HM Treasury
Angela Eagle
HM Treasury

Progress of the Bill

Bill started in the House of Lords

  1. House of Lords
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  2. House of Commons
    1. 1st reading
    2. 2nd reading
    3. Committee stage
    4. Report stage
    5. 3rd reading
  3. Consideration of Amendments
  4. Royal Assent

Last event

Act of Parliament

This Act is being prepared for publication.

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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