Asked by: Robert Largan (Conservative - High Peak)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, how his Department took the decision to define dormancy as it has under the Dormant Assets Scheme in light of the use by the finance industry of the broader definition of unclaimed assets.
Answered by Matt Warman
The Dormant Assets Bill, introduced to the House of Lords on 12th May, will enable the Dormant Assets Scheme to accept a wider range of dormant assets – expanding from bank and building society accounts to include certain assets in the insurance and pensions, investment and wealth management, and securities sectors.
Scheme expansion has been led by industry, who have been instrumental in determining how this expansion would work in practice. The definitions of dormancy used for the expanded Scheme have been tailored to each asset class, based on existing practice and relevant regulations within each sector.
The Bill also introduces a new power for the Secretary of State or HM Treasury to expand the Scheme through secondary legislation in the future. This will enable the Scheme to build experience with managing new and complex asset classes before broadening the pool further. The government anticipates close engagement with industry if, and when, new assets are introduced to the Scheme under this power.
Asked by: Robert Largan (Conservative - High Peak)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, when he plans to respond to the enquiry from the hon. Member for High Peak, dated 26 October 2020, referenced RL13783.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
A response was issued on 26 November 2020 under the case reference MC2020/23548/NB. A further copy of this response has since been issued to ensure receipt.
Asked by: Robert Largan (Conservative - High Peak)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, when he plans to respond to the enquiry from the hon. Member for High Peak of 25 November 2020, reference RL15336.
Answered by Caroline Dinenage
A response was issued on 25 February under the case reference MC2020/26807. We apologise for the delay in responding.
Asked by: Robert Largan (Conservative - High Peak)
Question to the Department for Digital, Culture, Media & Sport:
To ask the Secretary of State for Digital, Culture, Media and Sport, when he plans to respond to the enquiry from the hon. Member for High Peak of 26 November 2020, case reference RL4323.
Answered by Nigel Huddleston - Shadow Secretary of State for Culture, Media and Sport
A response was issued on 03 February (ref MC2020/26866), we apologise for the delay in issuing a response.