Schedule 3
Dormant Bank and Building Society Accounts Bill [Lords]
4:15 pm
Ian Pearson (Parliamentary Under-Secretary, Department for Business, Enterprise & Regulatory Reform; Dudley South, Labour)
As I understand, the process is this. The reclaim fund will transfer moneys to the Big Lottery Fund. Strategic direction will be given by the Secretary of State for the Department for Children, Schools and Families as the lead Department, based on cross-Government advice. The Big Lottery Fund will operate its normal approval procedures and processes.
We can debate the Big Lottery Fund. We believe that it has proved its worth over the years, and that it is the most appropriate body to have reclaim funds and to distribute them to worthy causes.