Dormant Bank and Building Society Accounts Bill [Lords]

I am grateful to the hon. Gentleman for that helpful intervention, but taken as a whole—I name no individuals—the track record of British bankers over the past two years in running a tight ship within their organisations has not exactly been a stellar one. According to the Hansard excerpt which the hon. Gentleman helpfully read out, the British Bankers Association and the Building Societies Association will set up one or more reclaim funds that could—I stress the word ““could””—become a cosy little club that does not regulate itself properly, does not comply with its memorandum or articles of association and does not comply with the objects of the reclaim company. In that case, clause 5(4) is therefore necessary and amendment No. 10 should be rejected. If my analysis is correct, it begs the question why the legislation does not offer a little more clarity on who the members of a reclaim fund company should be. It also suggests that the Treasury should, in some guise, be a member—not the dominant member, but a member—of a reclaim fund so that in its role as a member, it could enforce compliance with the memorandum and articles of association were the directors to fail to comply. I hope that the Minister will set my heart at rest as to why clause 5(4) is in the Bill and explain that, although it should not be part of the Bill, its inclusion is necessary because of the lacuna in respect of lack of enforcement that follows from our not knowing who the members are.