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Dormant Bank and Building Society Accounts Bill [HL]

At this stage of the day, for the noble Lord, Lord Higgins, to ask very astutely why we are here is a shaft of light but, at the same time, it is deeply depressing. It seems to me that there is an asymmetry in the Bill. The Government talk about a light touch but it must be the lightest touch possible. In fact, if there has been a touch at all in terms of how the company will operate, we have yet to see it. However, the Bill is pretty prescriptive with regard to how the money is spent. We do not mind if there is a light touch on how the scheme operates—it is up to the banks and building societies to get the cash in—but, my word, once the cash comes in, we are very keen to be prescriptive about how it is spent. At this stage, I assume that the banks and building societies are wedded to this model and therefore we had better proceed on that assumption, but I am afraid that, so far as I am concerned, today has been extremely depressing in terms of gaining an understanding of how the Government want the scheme to work. However, as I said when introducing it, this is a probing amendment and I beg leave to withdraw it. Amendment, by leave, withdrawn. Schedule 1 agreed to. Clause 6 agreed to. Clause 7 [““Bank””]: