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Dormant Bank and Building Society Accounts Bill [HL]

Within the Bill’s framework is the underpinning that it will be an Act of Parliament. Regulation will be imposed by the Financial Services Authority and the scheme will be subject to consideration by Parliament. Although I am not accepting the first-year report which the noble Baroness proposed in her initial amendment, as she will recognise, we would not anticipate having a scheme of this kind without a mechanism for reporting to Parliament. However, we have not yet reached conclusions on that. The scheme is the result of a substantial consultation. Parliament and public opinion will have information available to make judgments on whether institutions are playing their proper part in the scheme. I cannot project the figures, but I can anticipate compliance; otherwise why would these worthy and significant institutions have signed up to the scheme?