Dormant Bank and Building Society Accounts Bill [Lords]

I wish to follow up on a few points from our short debate on new clause 1. The hon. Member for Wolverhampton, South-West (Rob Marris) asked who were the magnificent seven who put their names to the new clause. I will run through them: my hon. Friend the Member for Twickenham (Dr. Cable), the right hon. Member for West Dunbartonshire (John McFall), and the hon. Members for Norwich, North (Dr. Gibson), for Clwyd, South (Mr. Jones), for Broxbourne (Mr. Walker) and for Bromsgrove (Miss Kirkbride). I have obviously missed out myself as an important signatory, but I notice from the amendment paper that it is in fact the hon. Member for Bromsgrove who is missing. We are both no doubt pleased to have our names attached, but that is a matter for the record, and I will turn to the more substantial points. Genuine and reasonable concerns have been raised about the confidentiality of the information about account holders. Charities would search against the register using their name, date of birth and last known address, so any match would allow them only to contact the financial institution to undertake a claim in the normal fashion. They would not be giving out reams of information about the bank account holder in the way that some Members fear. I reiterate that this has been tried and tested in other countries, where those fears have not been borne out. I was asked whether the scheme would be voluntary. I suppose that, going with the grain of the Bill as whole, that is likely to be the case. However, it would, to some extent, be voluntary in name only, because most of the institutions, with regard to the Bill as a whole, feel a degree of compulsion to be involved with the scheme, even if it is a moral rather than a legislative compulsion. I remind Members that the first line of the new clause says:"““The Treasury may make regulations as are necessary for the establishment, maintenance and operation of a register of dormant account funds””." It would not compel anybody to do anything, but it would provide that facility.