New Clause 1 - Authorised reclaim funds: duty to assess and report

Part of Dormant Assets Bill [Lords] – in the House of Commons at 7:30 pm on 31st January 2022.

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‘(1) The Secretary of State must make an annual assessment of the health and governance of authorised reclaim funds. The assessment must be reported to Parliament.

(2) The first report under subsection (1) must be laid 12 months after—

(a) any restriction imposed under section 18A(1)(a) of the 2008 Act comes into force, or

(b) the provision in section 18A(1)(b) of that Act comes into force,

whichever occurs first.

(3) An assessment under subsection (1) must include an evaluation of the risk of insolvency of the fund.’—(Alex Davies-Jones.)

This new clause would require the Secretary of State to assess the health and governance of reclaim funds regularly in relation to the risk of insolvency, and to report on this annually to Parliament.

Brought up, and read the First time.