New Clause 2
Dormant Bank and Building Society Accounts Bill [Lords]
9:15 am
Martyn Jones (Clwyd South, Labour)
Therefore, 10 per cent. of balances are not represented. Only 11 organisations have said in the BBA document that they will take part. There are a great many other banks. They might be small, but they have been going for a long time. Coutts, for example, is not on the bankers’ list. What worries me is that significant funds will not be included. The element of fairness is also an issue. How will the banks that take part in the scheme feel about banks that do not—in other words, that are using this money as a float, as the hon. Member for Truro and St. Austell said earlier? The banks like having this money. Some of them are happy to give it up; others are not. To ensure fairness and that everybody complies, we should include the new clause in the Bill.