✓ Passed into LawLords
UK Parliament · Bill
Dormant Assets Act 2022
Summary
The Dormant Assets Act 2022 lets banks transfer money from old, unused accounts (typically untouched for 15+ years) to charities and social projects. People can still claim their money back if they ask for it, but the aim is to put forgotten funds to work helping communities.
A vote to support means
- —Supporting this Act means allowing money that's been sitting unused in bank accounts for many years to be transferred to good causes like charities and community projects. It gets dormant (inactive) money working to help people in need rather than staying locked away.
A vote to oppose means
- —Critics worry that people might lose access to their own money if they try to claim it later, or that the process for getting it back could be difficult and complicated. Some are concerned that banks and financial companies could profit from moving this money around.
Cast Your Vote
People's Vote0 votes
0% Support · 00% Oppose · 0
Bill Passage
Commons
- 1st reading24 Nov 2021
- 2nd reading6 Dec 2021
- Committee stage11 Jan 2022
- Report stage31 Jan 2022
- 3rd reading31 Jan 2022
Lords
- 1st reading12 May 2021
- 2nd reading26 May 2021
- Committee stage21 Jun 2021
- Report stage16 Nov 2021
- 3rd reading23 Nov 2021
Royal Assent24 Feb 2022
Full Bill Description(click to expand)
No description available