Monday 08 July 2013
The Commerce & Employment Department are inviting comments from all interested parties about whether the Department should consider new legislation in relation to dormant bank accounts in Guernsey. This consultation has been opened to ensure that the principles of any changes and how they may affect Guernsey are fully considered before any decision is made about whether Guernsey should introduce legislation regarding dormant accounts.
An account could be regarded as "dormant" if there have been no transactions on an account for 15 years and the bank has tried, without success, to contact the account holder.
Comments are being invited through the consultation from interested parties including stakeholders, financial services businesses - especially banks, customers, consumers and other users of Guernsey's financial services industry.
Commerce and Employment Minister Kevin Stewart said: "The consultation aims to understand views on dormant bank accounts and would seek to replicate the positive aspects of similar schemes in other jurisdictions and also potentially use some of these funds for good causes locally, without affecting the rights of anyone with a bank account. With any new potential legislation we always aim to work closely with stakeholders and industry to ensure Guernsey adopts the most appropriate stance to protect and enhance its financial services industry."
After receiving comments, the responses will be collected and a summary made public. All comments will be considered to inform a policy decision based on dormant bank accounts. The Department has been working on potential changes with the GFSC and the Association of Guernsey banks (AGB).
The consultation will last until 3rd September 2013.
Consultation paper is available below and via the consultations section of this site.
