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Dormant Bank Accounts

Start date: 26/04/2016

Status: Comments published

What is the review about?

The Panel will review the Draft Dormant Bank Accounts (Jersey) Law 201- (P.25/2016) lodged by the Chief Minister, following an initial debate on the principles on 26 April 2016. Panel members will consider written and oral submissions from the department and other witnesses to determine whether it is appropriate for Government to legislate for the collection and re-distribution of unclaimed private assets held by banks. As part of its review the Panel will consider whether the proposed period of 15 years for identifying dormant accounts is appropriate; if the full capital value of the assets should form part of the distribution or if there should be restrictions; and whether different classes of assets or currencies should be included. The Panel will report its findings to the States before the resumption of the debate on 28 June.  

Terms of reference

‚ÄčTo review the Draft Dormant Bank Accounts (Jersey) Law 201- (P.25/2016), associated documents and written and oral submissions from the department and any other witnesses. The Panel will consider the following aspects:

1. Whether it is appropriate for Government to legislate for the collection and re-distribution of unclaimed private assets held by banks, and if so:

2. Whether the proposed period of 15 years for identifying dormant accounts is appropriate

3. Whether the full capital value of the assets collected should form part of that distribution, or if it would be preferable (for example) to distribute only a proportion of the funds arising,  or the interest accrued by investing the capital in a ring-fenced fund

4. Whether different classes of assets should be treated differently (for example non-sterling deposits, bullion, precious stones)

5. What efforts should be made by banks to track down owners of accounts before they are transferred to a Reclaim Fund

6. To what purposes the funds should be put, including whether they should be directed to charities, other 'good causes', or if alternative uses should be considered

7. How the fund should be administered and by whom

8. How causes to benefit from the fund will be determined, who should have overall responsibility for this, and what arrangements will be needed to ensure appropriate controls

9. If it would be appropriate for the costs of the Charities Commission to be paid for by deductions from the fund

Additional matters for consideration may arise from the Panel's study of the proposals, evidence provided by witnesses, and/or detailed consideration of the draft legislation.

The Panel will report its findings to the States.

Publications

Lead officer(s)

Malcolm OrbellTelephone: 01534 441027