Dormant Bank Accounts (Jersey) Law 2017: Publication of Guidance Notes

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A decision made 22 September 2017:

Ministerial decision reference MD-C-2017-118
Decision summary title: Publication of Guidance Notes: Dormant Bank Accounts (Jersey) Law 2017
Decision summary author	Lead Policy Adviser, Financial Services	Is the decision summary public or exempt?		Public
Report title Publication of Guidance Notes: Dormant Bank Accounts (Jersey) Law 2017
Report author or name of person giving report	N/A	Is the report public or exempt?		Public
Decision and reason for the decision The Chief Minister approved the publication of Guidance Notes in connection with the policies and procedures to be followed by the banks pursuant to the Dormant Bank Accounts (Jersey) Law 2017 (the “Law”). On 17 July the Dormant Bank Accounts (Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the “Order”) came into force. The aim of the Law is to transfer balances in “dormant” bank accounts (that is, in general terms, accounts where contact has been lost with the customer for at least 15 years) from banks to a central fund called the Jersey Reclaim Fund (the “Fund”). The Law requires that some of the money in the Fund is to be retained to cover potential claims from bank customers. The remainder will be used to support a number of charitable purposes in the local community and the costs of the Charity Commissioner. The Guidance Notes have been prepared after consultation with the banks and provide guidance on the requirements for a bank in relation to the notification of dormant accounts, making a transfer to the Fund, dealing with any reclaims from former account holders and how to claim repayment from the Fund of any moneys paid to a bank customer. The Guidance Notes also deal with the operation of the transitional provisions.
Resource implications There are no resource implications for the States of Jersey as a result of this decision.
Action required That the Chief Minister approve the Guidance Notes for publication. That the Lead Policy Adviser then take steps to publish the Guidance Notes on the www.gov.je website, and to circulate them to industry representatives.
SIGNATURE:			POSITION: Senator Ian Joseph Gorst Chief Minister
DATE SIGNED			EFFECTIVE DATE OF THE DECISION