In his speech in the second reading of the Dormant Bank and Building Societies Accounts Bill on November 21st 2007, Lord Newby referred to the work of Heirtrace to encourage the government to consider the maximum potential for reunification before transfer into the central reclaim fund.

Lord Newby opened by welcoming the governments proposals and a number of the Bills features, but went on to raise a number of issues, the first of which was the importance of trying to reunite assets with their owners before the assets reach the fund.

“It is much better for the owners of the assets to use them as they wish rather than for
someone else, whether it is the Big Lottery Fund or anyone else, to use them on their behalf. One interesting issue is what scope there is for reuniting people with their assets. According to evidence that I have seen from an organisation called Heirtrace, some 80 per cent of currently dormant assets can be reunited with their owners if sufficient effort is put into it. …….. Although that figure seems high, even if it is only 50 per cent it would be worth making a considerable effort to try to reunite people with their assets or to ensure, as the Unclaimed Assets Charity Coalition is at pains to point out, that assets which may be dormant at the time of someone’s death and might be allocated to a charity can find their way to the charity specified in the will.”

For a full hansard transcript of Lord Newbys statement and the remainder of the Dormant Bank and Building Society Accounts Bill debate visit parliament.uk