Dormant Bank and Building Society Accounts Bill [HL]

That is an important point and we shall have a chance to discuss it later. The Committee would not want me to trail an extensive answer before further significant points are made. We are all too well aware of the importance of the starting point. That is why the definitions of dormancy established by the institutions will be subject to scrutiny. Norms will be established, and if it were thought that a bank was operating well out of line with what other banks were doing by using an argument about accounts that preceded the Banking Code which enabled it to siphon off substantial resources, that would be identified and aired and the bank would scarcely be participating in the scheme to the extent that we all would wish. The banks retain their liability to customers at any stage, and so does the reclaim scheme. The institutions have committed to update the Banking Code to take account of this legislation when it is enacted.