Dormant Bank and Building Society Accounts Act 2008

[^key-d6a37f5acf626ccbd5a909afb0885860]: Words in s. 24(1) substituted (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 1(2), Sch. 2 para. 20(2)(e) (with art. 12)

[^key-e17cd4e548aabee6f8a1a20d86768f05]: Words in s. 24(2) substituted (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 1(2), Sch. 2 para. 20(2)(e) (with art. 12)

[^key-c80d3a81f1f37021c09a4bb821df6793]: Words in s. 24(6) substituted (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 1(2), Sch. 2 para. 20(2)(e) (with art. 12)

[^key-ffa62b1821d1c753a4be06a7ca5d523b]: Words in s. 26(3) substituted (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 1(2), Sch. 2 para. 20(2)(f) (with art. 12)

[^key-d15d4ca35ded99e42cbb38885ee5240c]: Words in s. 26(3) substituted (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 1(2), Sch. 2 para. 20(4) (with art. 12)

[^key-54d764880dd5f96e5055a32b0af6df47]: Words in s. 28 substituted (9.11.2016) by The Transfer of Functions (Elections, Referendums, Third Sector and Information) Order 2016 (S.I. 2016/997), art. 1(2), Sch. 2 para. 20(2)(g) (with art. 12)

[^key-7af50a70694d383cc54c6ab18c795a0d]: S. 7(2)(b) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 40(a) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)

[^key-5580821b6b3cf439bfa5a161d904c941]: Words in s. 7(3) omitted (31.12.2020) by virtue of The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149), reg. 1(3), Sch. para. 40(b) (with reg. 4); 2020 c. 1, Sch. 5 para. 1(1)

[^key-97be7040c5fe62d14f7da6051e4a9627]: Act construed as one with 2022 c. 5 (24.2.2022) by Dormant Assets Act 2022 (c. 5), s. 34(2)(5)

[^key-9795cf12067ec2b16767fc084ade931e]: S. 1 applied (6.6.2022) by 1992 c. 12, s. 26A(2)(a) (as substituted by Finance Act 2022 (c. 3), Sch. 6 paras. 1, 6; S.I. 2022/569, reg. 2)

[^key-a4656862b5f47c1f7d0d8c87c28f7684]: S. 2 applied (6.6.2022) by 1992 c. 12, s. 26A(2)(b) (as substituted by Finance Act 2022 (c. 3), Sch. 6 paras. 1, 6; S.I. 2022/569, reg. 2)

[^key-40717bbeb6a4f95a192c78018cc42afc]: S. 1 applied (6.6.2022) by 2008 c. 9, s. 39(2)(a) (as substituted by Finance Act 2022 (c. 3), Sch. 6 paras. 2, 6; S.I. 2022/569, reg. 2)

[^key-b8d12820b7b92cd9b0f5ae1d91ca2efa]: S. 2 applied (6.6.2022) by 2008 c. 9, s. 39(2)(b) (as substituted by Finance Act 2022 (c. 3), Sch. 6 paras. 2, 6; S.I. 2022/569, reg. 2)

[^key-01de5e4fdbba9853b5785f74c587d2c1]: S. 1(2A) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 6(1) (with Sch. 1 para. 6(2)); S.I. 2022/582, reg. 2

[^key-34f154f677692a31b5e0ad5a5bb6b151]: S. 5(1)(ca)(cb) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 8(2)(c); S.I. 2022/582, reg. 2

[^key-0d2400e12003c49b0b4d9d4fef8a41a8]: Words in s. 5(1)(b) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 8(2)(a); S.I. 2022/582, reg. 2

[^key-8024c8e77e948a473866cdf5bcbeea8d]: Words in s. 5(1)(c) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 8(2)(b); S.I. 2022/582, reg. 2

[^key-7679c1a622ab52b4728325370e740305]: Words in s. 5(1)(d) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 8(2)(d); S.I. 2022/582, reg. 2

[^key-948bbabea6b21b162724ca6773df1515]: Words in s. 5(6) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 8(3)(a); S.I. 2022/582, reg. 2

[^key-ace2998f90e99068aabecdcd79adad79]: Words in s. 5(6) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 8(3)(b); S.I. 2022/582, reg. 2

[^key-76486b9cb80ff29fb8dc082456e8753e]: Word in s. 6 omitted (6.6.2022) by virtue of Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 9(a); S.I. 2022/582, reg. 2

[^key-104188ab49c2282dd16801aac22ad325]: Words in s. 6 inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 9(b); S.I. 2022/582, reg. 2

[^key-1875f865948c5af8909587da066de553]: Words in s. 6 inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 9(c); S.I. 2022/582, reg. 2

[^key-a638bd439d33649578d568b73b4e6337]: S. 2(7) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 7(1) (with Sch. 1 para. 7(2)); S.I. 2022/582, reg. 2

[^key-e6fe0e39c1a66af128840db15b2786a8]: Pt. 2 heading substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 11; S.I. 2022/582, reg. 2

[^key-ac65d753dfa474b2887e68063f011db4]: S. 2A inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), ss. 20, 34(3); S.I. 2022/582, reg. 2

[^key-6a7046b8d8c6af0ebedd7b2059afc80b]: S. 18A inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), ss. 29(1), 34(3) (with s. 29(4)); S.I. 2022/582, reg. 2

[^key-9ef11189b69c270e2d6f8f8705215460]: Words in s. 16 heading substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(a); S.I. 2022/582, reg. 2

[^key-183d1dfe3a3134d90b3e8c1788311d2d]: Words in s. 17 heading substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(a); S.I. 2022/582, reg. 2

[^key-33af3757e56f4cf31eccc9ecffd578a4]: Sch. 1 para. A1 inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(2); S.I. 2022/582, reg. 2

[^key-3f3d36830c19e5f4a74d8711f1c4bb4d]: Words in Sch. 1 para. 3(1)(b) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(3)(a); S.I. 2022/582, reg. 2

[^key-4ae4de7448d3d477792590effeee86cc]: Word in Sch. 1 para. 3(1)(c) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(3)(b)(i); S.I. 2022/582, reg. 2

[^key-96e7b6f2d5fe7e4012758aa36baefc3f]: Words in Sch. 1 para. 3(1)(c) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(3)(b)(ii); S.I. 2022/582, reg. 2

[^key-fbf083fb54e1ad41149c4c45ff3b0dae]: Word in Sch. 1 para. 3(1)(c) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(3)(b)(iii); S.I. 2022/582, reg. 2

[^key-90409858a6aa13bed6bc83a10292c0b0]: Words in Sch. 1 para. 3(2)(a) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(3)(c); S.I. 2022/582, reg. 2

[^key-e791c0600e1db4c52e6eca0cb26df08f]: Sch. 1 para. 3(2)(b) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 16(3)(d); S.I. 2022/582, reg. 2

[^key-84d56e5514d89f306a5da283651a1597]: Words in Sch. 3 para. 5(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(3)(b); S.I. 2022/582, reg. 2

[^key-15244aae62a0c0ad9e732a90c499fd1d]: Words in Sch. 3 para. 5(5) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(3)(b); S.I. 2022/582, reg. 2

[^key-011e9afdaffaa1b75896736d156d5660]: Words in Sch. 3 para. 5(6) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(3)(b); S.I. 2022/582, reg. 2

[^key-0ede35c9cd0e6271d710ef1f9c7846c6]: Words in s. 16(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-3374f178e3a730fef7a4ee979624ea3d]: Words in s. 16(2) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(2); S.I. 2022/582, reg. 2

[^key-81e737cb96cae78e8e7087b1b832233c]: Words in s. 16(2) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 13(a); S.I. 2022/582, reg. 2

[^key-16cf3969b2f3952786c7767d81c73595]: Words in s. 16(2) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 13(b); S.I. 2022/582, reg. 2

[^key-1a9e7e51987c20231f95870da06ecf01]: Words in s. 16(6) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-b1e0c4a9c4055da1c06d6c73113676fb]: Words in s. 26(3)(b) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 15; S.I. 2022/582, reg. 2

[^key-0b0292ec36e75238efd5e8b193b48e12]: Words in s. 26(6) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 15; S.I. 2022/582, reg. 2

[^key-98b9a7d4c32fbbc79e8929a262c82cc0]: Words in s. 26(8) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 15; S.I. 2022/582, reg. 2

[^key-642c322c4eae98cb65fad28fbe83b812]: Words in s. 26(10) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 15; S.I. 2022/582, reg. 2

[^key-baab8c15d7577a85792cb6d5e3ce46dc]: Words in s. 26(1)-(3) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-c26c1143793ac054afb9b4027f6f2d6a]: Words in s. 18(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-31a69233cb96222e87a794fed8ab61d7]: S. 18 repealed (6.6.2022 with effect in accordance with s. 29(3) of the amending Act) by Dormant Assets Act 2022 (c. 5), ss. 29(2)(a), 34(3) (with s. 29(3)); S.I. 2022/582, reg. 2

[^key-73ab2236891343cf823abd20f777bbcc]: Words in s. 22(6)(b) omitted (6.6.2022 with effect in accordance with s. 29(3) of the amending Act) by virtue of Dormant Assets Act 2022 (c. 5), ss. 29(2)(b), 34(3) (with s. 29(3)); S.I. 2022/582, reg. 2

[^key-cf47a7712a615d920e2c793d8a08b2c8]: Word in s. 22(6)(b) inserted (6.6.2022 with effect in accordance with s. 29(3) of the amending Act) by Dormant Assets Act 2022 (c. 5), ss. 29(2)(b), 34(3) (with s. 29(3)); S.I. 2022/582, reg. 2

[^key-f33005f9b309dd52d4e40b7746b24bdb]: S. 11 repealed (6.6.2022) by Dormant Assets Act 2022 (c. 5), ss. 32(1), 34(3) (with s. 32(2)); S.I. 2022/582, reg. 2

[^key-b44c073f69c9b22ff1f6ba12851f27de]: Words in Sch. 3 substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(3)(a); S.I. 2022/582, reg. 2

[^key-e7bbc375a408f7aa2cd48e2cec44471f]: Words in s. 24(4) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 14(a); S.I. 2022/582, reg. 2

[^key-de8316b87473804a0c7ecdd8a1d28f36]: Words in s. 24(4) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 14(b); S.I. 2022/582, reg. 2

[^key-c5a689e8194db6b82f7d97b7682e8e30]: S. 12 repealed (6.6.2022) by Dormant Assets Act 2022 (c. 5), ss. 32(1), 34(3); S.I. 2022/582, reg. 2

[^key-5f867064511cd65404c42a7964fe673b]: Words in s. 13(1)(b) inserted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 10; S.I. 2022/582, reg. 2

[^key-a301f54e5e0d00aec65147dfce5cda94]: S. 14 repealed (6.6.2022) by Dormant Assets Act 2022 (c. 5), ss. 32(1), 34(3); S.I. 2022/582, reg. 2

[^key-d815a815bc7ce9c716f1aa19ba9ebd55]: Words in s. 17(3) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-2bf1a2bd2987ff3ed7143aa414fcc0b4]: Words in s. 19(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-c1462e8d2d0fe4ec31a4edf75da67278]: Words in s. 20(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-e83d819a55d27a9ae4d2459aa1e95ece]: Words in s. 21(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-32a2a81abeda509b8ec05fee58f03b34]: Words in s. 23(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(1)(b); S.I. 2022/582, reg. 2

[^key-3c13cde1cc821a707e36af8408d7a13c]: Words in s. 27(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(2); S.I. 2022/582, reg. 2

[^key-a34d701cfa4d4c0a5fae38835209a3d4]: Words in Sch. 3 para. 6(1) substituted (6.6.2022) by Dormant Assets Act 2022 (c. 5), s. 34(3), Sch. 1 para. 12(3)(c); S.I. 2022/582, reg. 2

[^key-ebdccef259e721ec1476619497ad44c5]: Act applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)

2A

• (1) This section applies where an authorised reclaim fund has determined that a proportion of its alternative scheme assets does not need to be retained for the purposes of achieving any of its objects other than the transfer of money to the body or bodies for the time being specified in section 16(1).

• (2) For the purposes of this section the reclaim fund’s “alternative scheme assets” are the money and other assets which are—

• (a) held by the reclaim fund, and

• (b) derived from amounts transferred to it by virtue of section 2 (“section 2 transfers”).

• (3) Where this section applies the reclaim fund must take the following steps.

• (4) Step 1 is to determine the amount corresponding to the proportion of its alternative scheme assets that does not need to be retained.

• (5) Step 2 is to allocate a share of that amount to each bank or building society that has made section 2 transfers.

The allocation is to be made in the way the reclaim fund considers appropriate, having regard to the amounts transferred by each bank or building society.

• (6) Step 3 is to transfer the allocated share to each bank or building society concerned, unless it has—

• (a) refused consent to the transfer, or

• (b) notified the reclaim fund that it does not wish to receive payments by virtue of this section (and the notice has not been withdrawn).

• (7) Step 4, in the case of a share not transferred under step 3, is to transfer a corresponding amount to the body or bodies for the time being specified in section 16(1).

• (8) A bank or building society receiving a payment by virtue of this section must transfer the same amount to one or more eligible charities (with the consent of the charity, or each charity, concerned).

• (9) For the purpose of subsection (8) an “eligible charity” is one which—

• (a) is considered to have a special connection with the bank or building society which originally made the section 2 transfers by reference to which the payment relates, or

• (b) has undertaken to apply the money in question for the benefit of members of communities that are local to the branches of that bank or building society.

• (10) In subsection (9) “special connection” is to be interpreted in accordance with section 2(5)(c) and (d) and (6).

18A

• (1) The Secretary of State may by order—

• (a) make provision restricting the purposes for which, or the kinds of person to which, a distribution of dormant assets money for meeting English expenditure may be made, or

• (b) provide that no specific restrictions are to have effect under paragraph (a) in relation to such a distribution.

• (2) An order under this section may make transitional or saving provision in connection with provision made under subsection (1)(a) or (b).

• (3) Before making an order under this section the Secretary of State must—

• (a) carry out a public consultation about the purposes for which, or the kinds of person to which, the money apportioned under section 17 for meeting English expenditure should be distributed, and

• (b) consult the Big Lottery Fund about a draft of the order.

• (4) In carrying out the first public consultation under subsection (3)(a) the Secretary of State must invite views as to whether the permitted distributions should be, or include, any one or more of the following—

• (a) distributions for the purpose of the provision of services, facilities or opportunities to meet the needs of young people;

• (b) distributions for the purpose of the development of individuals’ ability to manage their finances or the improvement of access to personal financial services;

• (c) distributions to social investment wholesalers (within the meaning of section 18);

• (d) distributions to community wealth funds.

• (5) For the purposes of subsection (4) “community wealth fund” means a fund which gives long term financial support (whether directly or indirectly) for the provision of local amenities or other social infrastructure.

• (6) An order under this section may not be made unless a draft of the statutory instrument containing it has been laid before, and approved by a resolution of, both Houses of Parliament.

A1

The articles of association of a reclaim fund must make provision for the objects mentioned in paragraph (d) of section 5(1) (objects incidental or conducive to anything mentioned in paragraphs (a) to (cb)) to include the provision to government departments of information, advice or other assistance in connection with—

• (a) the development of proposals for—

• (i) expanding the dormant assets scheme to cover new classes of asset,

• (ii) modifying this Act or the Dormant Assets Act 2022, or

• (iii) implementing provisions of this Act, the Dormant Assets Act 2022 or any subordinate legislation made under either of those Acts;

• (b) the operation of—

• (i) the dormant assets scheme,

• (ii) the alternative scheme under section 2 of this Act, or

• (iii) section 21 of the Dormant Assets Act 2022 (unwanted assets).