Lords debates Dormant Assets Bill
27 May 2021
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.
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.
Baroness Barran (Conservative), Minister for Civil Society, opened the debate and responded on behalf of the government.
Members speaking included:
- Lord Bates (Conservative), charity campaigner
- Baroness Kramer (Liberal Democrat), former banker and MP
- Baroness Lister of Burtersett (Labour), Vice Chair of the Fair Play Network.
Watch or read the debate
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