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Dormant Bank and Building Society Accounts Bill [HL]

My Lords, the noble Lord will appreciate that it will be necessary for the reclaim fund in certain circumstances to require information from the banks or building societies. It is clear that there will be disputed positions in which the reclaim fund will necessarily need verification of the nature of the claim. The period of 15 years triggers the transfer of resources to the reclaim fund; it does not bury the rights of the individual to regain their proper resources after the reclaim fund has obtained them. I cannot emphasise this point enough. To substantiate that their claim is justified, the individual will first go to the bank or building society where the account was held. They will be told that it has gone to the reclaim fund because the account has been dormant for 15 years or more. If the claim has some justification, it will then be necessary for the bank or building society to address the issue to the reclaim fund and for the reclaim fund to reach a judgment. I do not think that we could have a system that was fairer than that, as I explained graphically and at great length to the noble Lord, Lord Shutt.