To 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.