Dormant Bank and Building Society Accounts Bill [HL]

The debate has revealed that the reclaim fund is an unsatisfactory body. The Minister claims that there would be no remedy other than a Treasury direction, but we are setting up a company under the Companies Act, under which directors have duties to act in the best interests of the company. DBERR has various powers in cases where directors act in the extreme way that the Minister described. The activity of the reclaim fund will be brought under the Financial Services Authority, which has a number of powers. My noble friend Lord Higgins asked for an example of a precedent for a private body having a Treasury direction.