Contributions
1,239 recent contributions in Hansard
HANSARDDormant Assets Bill [ Lords ] (First sitting)Clauses 2 to 4 define the insurance assets and participants in scope of the scheme. They also set out an owner’s right to reclaim and the definitions of dormancy for insurance…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)indicated dissent. Question put and agreed to. Clause 2 accordingly ordered to stand part of the Bill. C lauses 3 and 4 ordered to stand part of the Bill. Clause 5 Transfer of…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clauses 5 to 7 define the pensions assets and participants that are in scope of the scheme. They also set out an owner’s right to reclaim pensions assets and the definitions of…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Very briefly. Of course, further on in the Bill there are processes in place, which I am sure we will come to, to enable the further expansion of additional assets into the…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)I do not have much further to add. I know that this topic will be debated later in Committee, but I completely agree with the principles that the hon. Gentleman outlines. Question…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clauses 8 to 11 define the investment assets and participants in scope of the scheme. Clause 8 provides that an investment institution can transfer a dormant eligible amount owing…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)There was extensive consultation on what should and should not be included. The hon. Gentleman raises the point that some assets may in the future be potentially included. We want…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)The dormant assets scheme requires participants to have attempted to reunite an asset with its owner before it can be classed as dormant and transferred to the scheme. When…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clauses 12 and 13 define the client money assets and participants in scope of the scheme. Clause 12 provides that an investment institution can transfer dormant client money to an…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clauses 14 to 16 define the securities assets and participants in scope of the scheme. Clause 14 provides that a traded public company can transfer dormant proceeds or a…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)I will try, Ms Ghani. Very simply, clause 18 defines and clarifies terms used in part 1 of the Bill that are relevant to more than one section. Question put and agreed to . Clause…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Thank you, Ms Ghani. Clause 19 is an important clause. It provides a power to the Secretary of State or the Treasury to bring additional asset classes within scope of the scheme,…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)As discussed, the Bill includes a provision to allow expansion into new asset classes by secondary legislation in the future. As the hon. Member for Glenrothes suggested, it will…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clause 20 introduces a means for the reclaim fund to transfer additional surplus money from the alternative scheme back to the participant to be distributed to its chosen charity,…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clause 22 ensures that third-party rights and interests are preserved when an asset is transferred into the scheme. A participant or the reclaim fund will not always know whether…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)I have no problem with the Opposition agreeing on things—it is quite nice to hear. I think that it speaks to the broad support for the Bill, and therefore it is important that we…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clause 24 sets out the effect of a participating institution becoming insolvent on an owner’s right to reclaim. The reclaim fund will be liable for meeting a reclaim for an asset…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Very simply, clause 25 provides that common law or other obligations relating to confidentiality do not prevent the disclosure of information. Question put and agreed to. Clause…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)Clause 26 names RFL as the authorised reclaim fund and provides the Treasury with the power to add, substitute and remove the name of reclaim funds from the Bill in the future,…11 Jan 2022HANSARDDormant Assets Bill [ Lords ] (First sitting)The hon. Gentleman is right; we will discuss some of those features later on in the Bill. The definition of an authorised reclaim fund came into effect under the 2008 Act. Since…11 Jan 2022