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Lords debates Dormant Assets Bill

27 May 2021

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Members of the Lords discussed the the main purpose and key principles of the Dormant Assets Bill during second reading, on Wednesday 26 May.

The Dormant Assets Bill seeks to bring more financial assets into the dormant assets scheme, allowing them to be distributed to good causes.

Lords debate

The House of Lords discussed the key areas of the bill in the second reading debate.

Money for good causes

Members were generally enthuastic about the bill's aim to extend the Dormant Assets Scheme and give more money to good causes.

How to spend the money

They discussed the the size of the assets that will be released, how the money should be spent and public consultation on the distribution of funds.

Reuniting assets with owners

Members said the bill should provide greater potential both to reunite people with their assets, with requirements to trace, verify and reunite the owner with their asset before transfer, and to release money for good causes

Too many powers?

Some members raised concerns about the number of delegated powers in the bill. 

Speakers

Baroness Barran (Conservative), Minister for Civil Society, opened the debate and responded on behalf of the government.

Members speaking included:

Baroness Fleet (Conservative) made her maiden speech.

Get involved

Watch or read the debate

Catch up on Parliament TV. A transcript is available in House of Lords Hansard

Explore further information

Read impartial research on the bill in the House of Lords Library Dormant Assets Bill briefing.

What happens next?

Committee stage, the first chance for line by line examination of the bill, is yet to be scheduled.

Image: Unsplash / Colin West