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Dormant Bank and Building Society Accounts Bill [HL]

This legislation involves a fairly light regime. The private sector is eager to make progress on a problem that it has not solved in the past and on which it wants to make better progress in future. Public interest in the scheme is so great because the resources are not being directed towards private gain but to public gain. Within this framework we are not creating a statutory body controlled by the Government—I have been at pains to emphasise that it is not a public body—and therefore we would not expect the same degree of prescription in legislation as we would if we were creating something which was directly under government auspices.