Early day motion tabled by primary sponsor Martyn Jones (Labour), on Tuesday, 25 March 2003, in the House of Commons. It is signed by 131 members in total.

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DORMANT ACCOUNTS

That this House notes that an estimated and accumulated twenty billion pounds currently resides in dormant and intestate accounts in the United Kingdom; regrets the scandalous failure of banks and building societies to take serious, adequate and determined action to trace the rightful owners of dormant and intestate accounts; calls on the Government to introduce legislation akin to that in Ireland, by which money in such accounts that has remained dormant for 15 years or more, and where ownership cannot be determined, is transferred into an independent fund managed by a Government-appointed board of trustees to distribute to good causes; and requires such a board to retain adequate reserves in the fund to meet any claims from rightful owners.

Amendments

The Early day motion has received 2 amendments.

950A1

after 'Government', insert 'to oblige banks and building societies to make every effort to trace the rightful owners and subsequently.'.

950A2

at end add 'and suggests that these reserves should, in the first instance, be used to endow a newly established insurance-based fund, which will cover any shortfall in accrued pension entitlement from wound-up company schemes.'.

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Secondary information

Type

Early day motion

Reference

950 

950A1 

950A2 

Session

2002-03

Subjects

Assets Bank services Charitable trusts Intestacy Ownership

Link

View this Early day motion on www.parliament.uk