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Dormant Bank Accounts (Jersey) Law 201-: Consultation

A formal published “Ministerial Decision” is required as a record of the decision of a Minister (or an Assistant Minister where they have delegated authority) as they exercise their responsibilities and powers.

Ministers are elected by the States Assembly and have legal responsibilities and powers as “corporation sole” under the States of Jersey Law 2005 by virtue of their office and in their areas of responsibility, including entering into agreements, and under any legislation conferring on them powers.

An accurate record of “Ministerial Decisions” is vital to effective governance, including:

  • demonstrating that good governance, and clear lines of accountability and authority, are in place around decisions-making – including the reasons and basis on which a decision is made, and the action required to implement a decision

  • providing a record of decisions and actions that will be available for examination by States Members, and Panels and Committees of the States Assembly; the public, organisations, and the media; and as a historical record and point of reference for the conduct of public affairs

Ministers are individually accountable to the States Assembly, including for the actions of the departments and agencies which discharge their responsibilities.

The Freedom of Information Law (Jersey) Law 2011 is used as a guide when determining what information is be published. While there is a presumption toward publication to support of transparency and accountability, detailed information may not be published if, for example, it would constitute a breach of data protection, or disclosure would prejudice commercial interest.

A decision made 20 July 2015:

MINISTERIAL DECISION REFERENCE: MD-C-2015-0093

DECISION SUMMARY TITLE: Dormant Accounts Law Consultation

DECISION SUMMARY AUTHOR:

Director, Finance Industry Development, Financial Services Unit

IS THE DECISION SUMMARY PUBLIC OR EXEMPT?  

Public

REPORT TITLE:  Dormant Accounts Law

REPORT AUTHOR OR NAME OF PERSON GIVING REPORT:  (if different from Decision  Summary Author)

Director, Finance Industry Development, Financial Services Unit

IS THE REPORT PUBLIC OR EXEMPT 

Public

DECISION AND REASON FOR THE DECISION:

 

The Minister approved and authorised the publication of the Consultation Paper titled Dormant Accounts Law on the introduction of a dormant accounts law.

 

The Dormant Accounts Law, if enacted, offers advantages for the banks by permitting them to release funds that could not otherwise be used while preserving the rights of the customers to reclaim the balances of their accounts and releasing 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 payments to and from the Jersey Reclaim Fund.  However it is thought that no additional headcount will be needed and any costs will be recharged to the Jersey Reclaim fund.

 

ACTION REQUIRED:

The Consultation Paper is to be published on the States website, sent to the Public Consultation Register and presented to the States as a Report.

 

SIGNATURE:

 

 

 

POSITION:

 

SENATOR P.F.C. OZOUF

ASSISTANT CHIEF MINISTER OF JERSEY

20 July 2015

 

DATE SIGNED

EFFECTIVE DATE OF THE DECISION

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