DORMANT ACCOUNTS

Early day motion 950, tabled 25 March 2003 by Martyn Jones (Labour). Signed by 131 members.

That this House notes that an estimated and accumulated twenty billion pounds currently resides in dormant and intestate accounts in the United Kingdom; regrets the scandalous failure of banks and building societies to take serious, adequate and determined action to trace the rightful owners of dormant and intestate accounts; calls on the Government to introduce legislation akin to that in Ireland, by which money in such accounts that has remained dormant for 15 years or more, and where ownership cannot be determined, is transferred into an independent fund managed by a Government-appointed board of trustees to distribute to good causes; and requires such a board to retain adequate reserves in the fund to meet any claims from rightful owners.

Signatures by party: Labour 76, Liberal Democrat 19, Labour/Co-operative 13, Conservative 10, UUP 4, Plaid Cymru 3, DUP 2, Scottish National Party 2, Independent 1, Social Democratic and Labour Party 1.