Schedule 1
Dormant Bank and Building Society Accounts Bill [Lords]
11:45 am
Mark Hoban (Shadow Minister, Treasury; Fareham, Conservative)
I want to start by speaking briefly to amendment No. 27. Among the objectives of increasing the transparency of the payments in and out of the reclaim fund are encouraging those banks that have taken advantage of the voluntary nature of the scheme to think carefully about their policies and exposing them to proper public scrutiny. That is why it would be helpful, alongside the list of those banks that have paid into the scheme, to have a list of those that have not. That comparison would make it easier for people to hold to account those institutions that have not participated in the scheme or to understand why they have not.
Some banks and deposit takers might have been set up only relatively recently. As a consequence, they might not have assets over five years old, let alone 15 years old, and they could explain their non-participation in the scheme. It would be helpful to have that complete list, so that people can start to ask the right questions, rather than going to the FSA website to find a list and then compare it. We want to ensure that the publicity and transparency exists to hold those non-participating institutions to account. That is why I proposed amendment No. 27—so that we can clearly see the laggards in the process.
I welcome the Government amendments, which reflect some progress in ensuring proper transparency, and I am grateful to the Minister for them. It is better to put the information in the annual report and accounts, rather than in a separate report to be laid before Parliament. Those items must therefore be audited, which will give more comfort on the accuracy of the data to be disclosed.