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Dormant Bank and Building Society Accounts Bill [HL]

My Lords, I share the regrets expressed that the new clause is in a number of respects weaker than that which it replaces. I shall not reiterate what has already been said by other noble Lords. The real concern for many of us here has been moral. So much of the debate here and in another place has focused on the various mechanisms for distributing moneys in dormant accounts to a variety of good causes, but the primary public policy objective should be that moneys held in these accounts is reunited with their proper owners or heirs. Only once those owners have been provided with both a simple mechanism and an appropriate timescale for recovering their lost assets should they be considered for distribution for other purposes. Many of us are still concerned about whether such a mechanism and timescale as are proposed in the amended Bill are sufficiently robust. In the view of many of us, the recent mylostaccount voluntary scheme needs significant improvements if it is to be truly effective. It is of course good that there is now imposed on the Treasury a requirement for review and report; it is encouraging to hear that the review will look at the effectiveness of the industry reunification scheme and that the recommendations will be laid before Parliament. However, I am looking to tempt the Minister to give a slightly firmer affirmation that the Government are committed to a thorough review of the workings of the Bill in this respect after three years, and perhaps also in due to course to look again at the possibility of further reviews.