Dormant Bank and Building Society Accounts Bill [Lords]

With this it will be convenient to discuss new clause 2— Report to Parliament— ‘(1) The Treasury shall keep the operation of the dormant accounts arrangements under review. (2) From time to time the Treasury shall prepare reports to each House of Parliament on the operation of the dormant accounts arrangements. (3) Within three years of the commencement of this Act, the Treasury shall prepare its first report. (4) Each report shall include— (a) a review of the operation, effectiveness and scope of the dormant accounts arrangements; and (b) any other matters that the Treasury considers to be relevant to the operation of dormant account arrangements. (5) If the report shows that any of the matters covered by the report are unsatisfactory in any respect, the Treasury shall state— (a) the improvements that are to be made to the arrangements; (b) whether such improvements require legislation or could operate on a voluntary basis; (c) the timescales involved in achieving those improvements; and (d) the actions that the Treasury propose to take. (6) In preparing each report, the Treasury shall consult— (a) those persons who it considers to have relevant knowledge of the operation of the dormant account arrangements; and (b) such persons as it considers appropriate. (7) Each report shall be published in such manner as the Treasury shall determine, and shall be laid before each House of Parliament. (8) The Treasury may make an order removing the obligation to prepare reports in subsection (2) above. (9) An order made under subsection (8) above may not be made unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, each House of Parliament.’.