Dormant Bank and Building Society Accounts Bill [HL]

The Minister’s answer on timing left me a little confused. I think he was saying that because the regulations will be made after the Bill receives Royal Assent, a year is far too soon. That is a practical point that we as practical legislators can understand. However, he went on to say that the FSA will be involved. The FSA does produce an annual report. The Minister was unclear on whether the FSA will be charged with producing an annual report on this aspect of the totality of things it looks after. The key dimension of this issue for organisations with charitable foundations whose dormant accounts will be taken away is where this money will go. Perhaps I am being a little flippant here but—as the Minister and I often debate the Olympics—let us say that the whole lot will go to the Big Lottery Fund to pay off the further debts of the Olympics. Those charitable foundations would not be too pleased. They have every right to know where this money is going.