Overview

This bill, the Dormant Bank and Building Society Accounts Bill, focuses on amending the process by which dormant bank and building society accounts are accessed and the funds used. Amendments made by the Lords clarify parliamentary oversight of this process and introduce additional scrutiny to ensure transparency and accountability.

Description

The bill's core purpose is managing dormant accounts. Key amendments include:

• Clause 5 Amendment 7A: Requires the Treasury to report to Parliament on any direction given regarding the use of funds from dormant accounts.
• Clause 11 Amendment 10 and 10A: Grants the Treasury the power to adjust the financial threshold defining a "dormant" account via order. However, Amendment 10A adds that any such order must be approved by both Houses of Parliament before taking effect.

In essence, these amendments enhance parliamentary control over the management of dormant account funds, ensuring greater transparency and accountability in their allocation.

Government Spending

The bill itself doesn't directly involve government spending. However, it affects the handling of funds from dormant accounts, which are subsequently allocated to various charitable causes. The amendments may lead to greater oversight of these funds, potentially improving their efficient allocation, but specific financial impacts are not detailed.

Groups Affected

• Owners of dormant accounts: The bill doesn't directly impact account owners, but it dictates how their funds might be used.
• Charities and good causes: These groups benefit from the funds from dormant accounts. The bill's amendments might affect the amount and process of receiving these funds.
• Parliament: The amendments increase parliamentary oversight and control over the process of using dormant account funds.
• The Treasury: The Treasury has a more regulated and transparent role in managing and allocating the funds.

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