The government should be able to start the process of awarding cash tocharities, because the Dormant Bank and Building Society Accounts Act2008 became law in December last year.
But a contingency fund has to be set up for people who want to reclaimmoney from old bank or building society accounts before the money can bedistributed to charities. It has emerged that additional legislationmight be needed to make this happen, which could take many months.
A Financial Services Authority (FSA) consultation on how the fund couldwork in practice closed last week.
A spokesman for the FSA said: "The timescale for when we will issue ourfeedback statement cannot be confirmed at the moment."
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