Dormant Assets Bill [Lords] – in a Public Bill Committee at 10:00 am on 11 January 2022.
Nigel Huddleston
The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport
Clause 22 ensures that third-party rights and interests are preserved when an asset is transferred into the scheme. A participant or the reclaim fund will not always know whether third-party rights or interests exist in relation to an asset. Therefore, if a third party legitimately asserts their rights or interests in relation to a dormant asset following transfer, they will have an equivalent right of reclaim.
Jeff Smith
Shadow Minister (Digital, Culture, Media and Sport)
Briefly, this Clause and the following two are essentially tightening up the arrangements for the management of the scheme, and we are very happy with them. In some cases, they are firming up in legislation what is already happening in practice. We think these provisions have an appropriate level of processes and safeguards and we support them.
Nusrat Ghani
Conservative, Wealden
I assume, Mr Smith, that you will not be commenting on the next two clauses as you have made your contribution now?
Jeff Smith
Shadow Minister (Digital, Culture, Media and Sport)
That is correct.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
A parliamentary bill is divided into sections called clauses.
Printed in the margin next to each clause is a brief explanatory `side-note' giving details of what the effect of the clause will be.
During the committee stage of a bill, MPs examine these clauses in detail and may introduce new clauses of their own or table amendments to the existing clauses.
When a bill becomes an Act of Parliament, clauses become known as sections.
