Dormant Assets Bill completes passage through Parliament
10 February 2022
The Dormant Assets Bill completed all parliamentary stages and was granted Royal Assent on Thursday 24 February 2022. It is now an Act of Parliament (law).
The Dormant Assets Bill seeks to bring more financial assets into the dormant assets scheme, allowing them to be distributed to good causes.
Consideration of amendments
The bill was considered by the House of Lords between 26 May and 23 December 2021, before passing to the House of Commons.
- transfer of eligible client money to reclaim fund
- distribution of dormant assets money.
How to follow
- Read the text of proposed changes (PDF)
- Watch live on Parliament TV
- Read the Lords Hansard transcript
Explore further information
Read impartial research on the bill in the House of Lords Library Dormant Assets Bill briefing.
What's happened so far?
Third reading: Tuesday 23 November
Third reading is the chance for members to ‘tidy up' a bill, making any small changes to ensure it is effective.
No changes to the wording of the bill were put forward ahead of third reading. Members discussed the progress of the bill through the House at the conclusion of Lords stages.
Report stage: Tuesday 16 November
Community wealth funds
The first vote was on amendment 1, which aims to create community wealth funds as a means of tackling deprivation and building social infrastructure in left-behind communities.
The government would be required to establish and review the effectiveness of one or more pilot schemes which would run over at least ten years.
Members voted 216 in favour and 195 against, so the change was made.
The second vote was on amendment 6, which requires the government to certify that dormant assets money would be additional to, and not replacing, government spending.
Members voted 164 in favour and 192 against, so the change was not made.
Committee stage day two: Wednesday 23 June
Members speaking had put forward changes (PDF) (amendments) to the bill to discuss. For example making new community wealth funds operate independently from the Big Lottery Fund and including charities and communities in the consultation process.
Committee stage day one: Monday 21 June
Members speaking discussed changes on issues including a regular review of the dormant assets scheme, reclaim funds and community wealth funds to distribute money.
The government regularly makes technical changes to bills in the House of Lords. It put forward amendments needed to ensure that the bill works properly as law.
Members asked the government to give further clarification on what some of the amendments really mean before report stage, which the government agreed to do.
Second reading: Wednesday 26 May
The House of Lords discussed the key areas of the bill in the second reading debate.
Money for good causes
Members were generally enthusiastic 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.
Image: Unsplash / Colin West