Dormant Accounts Held By Banks And Building Societies

EDM number 1429 in 2003-04, proposed by Martyn Jones on 30/06/2004.

That this House expresses its concern at recent reports that some retail banks have used dormant money from customers' accounts to boost company profits without public disclosure; condemns this practice and calls on banks to cease this form of accounting immediately; welcomes the recent announcement by the Chancellor of the Exchequer in the Budget that he supports the principle of transferring unclaimed assets or dormant accounts held by banks and building societies to the charitable and voluntary sector, in instances where assets and owner cannot be reunited; commends the establishment of the Balance Charitable Foundation with the assistance of two investment banks, as a vehicle for distributing such monies; calls upon retail banks and building societies to use dormant money for the good of society; and looks forward to the publication of the Government's 2004 Pre-Budget Report in which progress on this issue will be reported to the House.

This motion has been signed by a total of 183 MPs.