Dormant Bank and Building Society Accounts Bill [Lords]

I am grateful for my hon. Friend's intervention and I recognise the need to give discretion to Administrations in Scotland, Wales and Northern Ireland. I anticipate, however, that if no money were spent in Scotland on youth services, for example, a fuss would be made that the people of Scotland had been led to believe that the Bill would realise money for those purposes. It is a difficult balance to strike. My hon. Friend makes a fair point and I hope that the Minister will respond to it: the public have been given the impression—not misled—that the money will be devoted primarily to youth projects, and some will be concerned that if there is no indication as to what proportion of the money will be so directed, although it need not necessarily be on the face of the Bill, many campaigners on these issues might be disappointed. My fourth area of concern is the lack of a national register, which was raised earlier in respect of wills, legacies and other funds that are not readily accessed without such a register. My fifth concern, which I hope the Minister will address, is with the mutuality of building societies, the £7 billion asset threshold and the discretion accorded to some but not other institutions. I look forward to hearing the Minister's comments on that. My final concern is the voluntary nature of the scheme. I assume that it is voluntary because the Government are nervous about appearing to compel financial institutions to act under the diktat of the state. In the last few months, of course, these considerations have altered somewhat, but I assume that the motivation reflected the Government's sensitivity on this area. We are left in the strange position whereby Ministers tell us that the scheme is entirely voluntary, but that they anticipate that every bank will wish to participate. The scheme appears to be a form of voluntary coercion, if it is possible for us to understand such a concept. I do not understand what incentive the banks have to sign up to the scheme. If it is voluntary, why should the banks support it? Much depends on their being seen to do the right thing and not incur the wrath—or at least the bad will—of the Government. It may be, however, that struggling banks will now regard that as a lesser priority than when the legislation was initially conceived. In Committee, we intend to explore the following issues in more detail. First, we want to include a reserve power to create a mandatory dormant account register so legacies can be rightly reunited with their legal owners. Secondly, we want to include a reserve power to turn the scheme mandatory if participation is insufficient. It will depend on market circumstances, but it will be useful to have such a power. Thirdly, we want to support the triennial review, as advocated in the House of Lords, as we view that proposal as having merit. Fourthly, we want to support the removal of the £7 billion asset threshold for building societies, and, fifthly, to ascertain the percentage split apportioned to each UK country. One can understand why there should be some discretion, but the Minister's clarification of how much will go to youth services, financial education and social investment would be helpful. A firmer indication of how much will go respectively to England, Scotland, Wales and Northern Ireland would also be helpful. Finally, I would like the Minister to clarify why the Secretary of State for Children, Schools and Families is taking the lead on distributing the funds. One can assume only that the emphasis put on youth services will be greater than that on financial education and social investment. That seems a reasonable assumption: many will welcome it, but others who want more money spent on financial education and social investment will not. It remains a mystery to me why the Department for Children, Schools and Families is taking the lead role unless the emphasis is going to be on youth services. The Department's remit is exclusive to England—[Interruption.]—so it will not have a useful role in investing money elsewhere in the UK. I am rightly corrected by a sedentary intervention to the effect that the Department is not wholly English in its concerns, but it is largely concerned with English matters. My conclusion is that the new Economic Secretary should consider an early power-grab and see whether the Treasury—or, indeed, the Department for Business, Enterprise and Regulatory Reform in which he is also a Minister—should take the lead on this matter. If not, why is the Treasury forfeiting its usual role? Is the Minister confident that the Secretary of State for Children, Schools and Families will distribute the money in the most appropriate way?