Dormant Assets Bill [Lords]

John Nicolson Excerpts

2nd reading
Monday 6th December 2021 Commons Chamber

[John Nicolson (Ochil and South Perthshire) (SNP)]

We in the Scottish National party welcome the Bill and the expansion of the dormant assets scheme. The extra £880 million now available as a result is very welcome, especially in what is an extremely difficult time for so many up and down the country. Already the scheme has delivered £745 million for social and environmental initiatives. By expanding the current list of assets that qualify for the scheme, up to £1.7 billion more could be made available.

The Minister will doubtless be aware of the remarks made in the other place about the Bill. Peers wanted clarity on its potential costs and more detailed impact assessments of the expanded scheme. Baroness Barker specifically warned that such details are important so that the scheme does not become a

“piggyback fund for government when times are tough.”—[Official Report, House of Lords, 26 May 2021; Vol. 812, c. 1039.]

Perhaps the Minister can assuage her concerns and give us the detail that she asked for.

It is good to see that the Bill makes some changes to distribution in England; the Secretary of State will have more freedom to spread assets through secondary legislation, thus allowing England to catch up with Scotland and the other devolved nations. As Lord Triesman pointed out in the other place, the example set by the devolved nations through their innovative thinking about how to spend the funds allotted to them provided the impetus for the expansion of the scheme in England through this Bill.

The pandemic has shown that the needs of the population can change dramatically and suddenly. Flexibility in secondary legislation is a useful tool to deal with such change, but we must also ensure adequate consultation and scrutiny. We welcome the requirement for the Secretary of State to launch a public consultation and to consult the National Lottery Community Fund before replacing or changing an order. However, it may also be desirable to expand such consultation beyond that fund and to include the devolved Ministers responsible for spending in their nations and representatives of the voluntary and social enterprise sectors.

It is reassuring that the expanded scheme will focus on reuniting owners with their assets. With the expanded range of qualifying products, it is estimated that £3.7 billion-worth of financial assets lie dormant. With the elderly and vulnerable—especially those without digital skills—among those most likely to lose access or connection to their accounts in an increasingly digitised world, such efforts are vital. That is why we on the SNP Benches welcome the enhanced tracing and verification measures that could lead to the reclamation of as much as £2 billion.

The Bill should be effective, but if we could get clarity from the Minister on some of the points raised here and in the other place, it would be much appreciated.