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Dormant Accounts (Jersey) Law 201-: Consultation: Response - Law Drafting Allocation

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A decision made 5 February 2013:

Decision Reference: MD-E-2013-0019

Decision Summary Title :

Proposed Dormant Accounts (Jersey) Law 201-

Date of Decision Summary:

30/01/2013

Decision Summary Author:

 

Director,

Finance Industry Development

Decision Summary:

Public or Exempt?

 

Public

Type of Report:

Oral or Written?

Written

Person Giving

Oral Report:

N/A

Written Report

Title :

Presentation of  response to consultation on proposed Dormant Accounts (Jersey) Law 201- and allocation of law drafting time

Date of Written Report:

30/01/2013

Written Report Author:

Director,

Finance Industry Development

Written Report :

Public or Exempt?

(State clauses from Code of Practice booklet)

Public

Subject:  

 

Proposed Dormant Accounts (Jersey) Law 201- and release of response to consultation and allocation of law drafting time.

 

Decision(s):

 

The Minister decided:

 

(i)                 To present EDD’s Response to the Consultation Paper on the introduction of a dormant accounts law as an ‘R’; and 

(ii)                To request the allocation of law drafting time to the drafting of a Dormant Accounts Law for Jersey.

 

Reason(s) for Decision:

 

Consultation was broadly supportive of the proposed new law and the response paper sets out the nature of the responses from industry, members of the public and other interested parties and EDD’s response to them. 

 

This type of law offers advantages for the banks while preserving the rights of the customers and releases dormant funds for use in the local community to support “good causes”.

 

 

Resource Implications:

 

There are no financial costs for the States as a result of this decision.  There will be some manpower implications for Treasury who will need to manage the Fund of dormant balances and process annual and half-yearly payments to and from the Fund however it is thought that no additional headcount will be needed and any costs will be recharged to the reclaim fund.

 

Action required:

 

(i)                  The Greffier of the States to be requested to arrange for the Report to be presented to the States in due course.

(ii)                The Director of Finance Industry Development to distribute the Response to the Consultation Paper to all relevant stakeholders.

(iii)               Officers to undertake the necessary arrangements for the request to be passed to the Law Draftsman.

 

Signature:

 

 

Senator Alan Maclean

 

Position:

 

Minister for Economic Development

 

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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