Dormant Bank and Building Society Accounts Bill [HL]

I did say that it was a probing amendment. I thank the noble Lord, Lord Newby, for his support. He hit the nail on the head in asking why, if the banks and building societies say that they are going to do this, we cannot have it in legislation. The Government did not want to place demands on the institutions, but that is approaching the issue from the wrong end. This is about protecting the interests of the individual account holders. As the banks and building societies say that writing to those holding accounts is something they would do routinely, it seems to me perfectly reasonable to say that that should form part of the definition. The British Bankers’ Association and the Building Societies Association have said that they will do this, but, as the Minister said, it is entirely voluntary, as is compliance with the code. As far as I am aware, there are no penalties for non-compliance with the Banking Code, because it exists in the realm of voluntary activity. The Minister said that writing would only aid fraudsters. That is a rather sweeping assertion because it makes certain assumptions about why people may not have responded to letters. I am not convinced that it is a sufficient answer, although clearly there is a risk to banks and building societies being required to do what they say they are going to do to ensure that account holders are informed about their account and the effect of the Act. People do not want to get into reclaim situations: they want to know that their accounts continue to exist. I do not regard the Minister’s response as satisfactory. However, as this and a number of other amendments are probing, I will withdraw them today and will consider whether, in the light of other answers I receive, the Bill overall is satisfactory in this regard. I beg leave to withdraw the amendment. Amendment, by leave, withdrawn.