(This note is not part of the Regulations)
Section 2 of the Dormant Bank and Building Society Accounts Act 2008 (c.31) enables certain smaller banks and building societies to transfer part of the balance of a dormant account to a local charity or one with which the institution has a special connection.
These Regulations amend the Building Societies (Accounts and Related Provisions) Regulations 1998 (S.I. 1998/504) to require a building society which makes a transfer to identify in the directors’ report those charities to which a transfer has been made and the amounts transferred to such charities.
An impact assessment of the effect that this instrument will have on the costs of business is available from the Payments, Credits and Inclusion Team, HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ.