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Dormant Bank and Building Society Accounts Bill [Lords]

Yes, I do want to get on with things as quickly as possible, and I share the hon. Gentleman's enthusiasm, and that of all hon. Members, for a scheme to be up and running as soon as possible. I assure him that the Act will be brought into force as speedily as possible and in good time. I am not, however, persuaded of the need to specify an early date, as the amendment does. After Royal Assent, a number of important elements must be considered before any scheme can launch and any money can be transferred from financial institutions to the reclaim fund and subsequently to the BLF. Most notably, the Financial Services Authority will need to consult on the rules around its regulatory regime for the reclaim fund. The FSA has committed to consult shortly after the Bill gains Royal Assent and I certainly encourage it to do that as speedily as possible. The consultation process on that important detail will, however, rightly take time, as hon. Members have said. The dormant accounts contain people's money, and they have a right to it. We need to be sure that a candidate reclaim fund will need to apply to the FSA and gain authorisation. Presumably, a bidding process for setting up the reclaim fund will have to take place. Once an authorised reclaim fund exists, however, the scheme can be operational quickly. Our ambition is for the scheme to be operational by the middle of next year, but obviously there are a number of hurdles before we reach that stage. In that context, the call for an early commencement of the Bill is not relevant because that would not affect the early introduction of the scheme. However, I assure the House that the Government will want to move with all reasonable speed to ensure that the scheme is not unnecessarily delayed, that we get on with it and that we deliver the sort of benefits that the Bill can have for our citizens.