Dormant Accounts

EDM number 346 in 2007-08, proposed by Martyn Jones on 21/11/2007.
Categorised under the topics of Financial institutions and Financial services.

That this House welcomes the Government's commitment to legislate on the issue of dormant bank accounts and its intention to use the funds from dormant bank accounts for the public good; further welcomes the Government's resolve to ensure that all owners of dormant accounts are legally entitled to redeem their money at any time; notes that all other nations where dormant account legislation has been successfully implemented have used mandatory and regulated frameworks; observes that the Eleventh Report of the Treasury Committee states that, should the Government opt for a voluntary framework it is recommended that the forthcoming legislation be prepared so as to include `reserve powers for Ministers to establish a compulsory scheme at a later date without recourse to further primary legislation, should a voluntary scheme prove unsuccessful'; and, noting frameworks from the US and Canada, urges the Government to consider a wide variety of options regarding the time period for dormancy status including a sliding-scale based upon the nature of the account in question.

This motion has been signed by a total of 94 MPs, 2 of these signatures have been withdrawn.