Greens will move for inquiry on lost accounts bill

Greens Deputy Leader and banking spokesperson Adam Bandt MP says the Greens will move for a Senate inquiry into the government's 'Unclaimed Money' bill, to examine concerns about how the measures will impact on consumers and superannuation fund members.

The MYEFO measure will mean inactive super, bank and life insurance accounts would be transferred to the Commonwealth.

"The Greens support the goals of this bill, but the measures in relation to bank accounts and life insurance have not had proper public discussion and need to be examined in an inquiry," Mr Bandt said.

"A Senate Inquiry into this bill can look at any additional amendments that may be needed to ensure bank customers and super fund members' interests are protected."

The Green's will move this evening for the Senate Economics Legislation Committee to examine the Treasury Legislation Amendment (Unclaimed Money and Other Measures) Bill and to report on November 19.

31 October 2012

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