Dormant Bank
Accounts (Notices, Fees and Terms of Agency) (Jersey) Order 2017
Made 13th July 2017
Coming into force 17th
July 2017
THE CHIEF MINISTER, in pursuance of Articles 7(3), 7(9), 8(2), 13(3), 19(2), and 23 of
the Dormant Bank Accounts (Jersey) Law 2017[1], orders as follows –
1 Interpretation
In this Order –
“Law” means the
Dormant Bank Accounts (Jersey) Law 2017[2];
“transferred dormant account
balance” means the amount transferred by a bank to the Fund in
respect of a dormant account.
2 Notices
in respect of dormant accounts
(1) The
information that a bank is required to include in a notice under Article 7(1)
of the Law is –
(a) the
name of the bank;
(b) the
number of accounts that fell dormant during the preceding relevant year;
(c) the
total amount (in sterling) of the balances that the bank holds in those
accounts (including any nil balance); and
(d) the
following information in relation to each dormant account –
(i) its balance in
sterling,
(ii) if it is not held
in sterling, the currency in which it is held and its balance in that currency,
and
(iii) the number of years it
has been dormant.
(2) If
the balance of a dormant account has been adjusted because, under the terms and
conditions of that account, a negative amount in another account in the same
name has been offset against that balance, the bank must include within the
notice the amount of the offset.
(3) The
bank must certify that, except to the extent specifically disclosed as required
by the notice, there is no reason why the account is not suitable for transfer.
(4) However,
if the bank is aware of any reason why the account is not suitable for transfer,
it must disclose this to the Minister.
(5) Where
a bank –
(a) gives
notice to the Minister under Article 7(1) of the Law, the bank must send
to the Minister a copy of Notice 1 in Schedule 1 duly completed;
(b) intends
to make a transfer to the Fund under Article 7(7) of the Law, the bank
must send to the Minister a copy of Notice 2 in Schedule 1 duly
completed.
3 Annual
statements and reclaims
(1) For
the purposes of giving written notice to the Minister under Article 12 of
the Law, the bank must send the Minister a copy of Notice 3 in Schedule 1
duly completed.
(2) An
application to the Minister under Article 13(1) of the Law must be made by
the end of the months of March, June, September and December for the Minister
to process the application during the quarter that follows each of those dates.
(3) The
application must certify –
(a) the
period to which it relates (the repayment period);
(b) the
aggregate of amounts repaid;
(c) the
total sum claimed by way of reimbursement; and
(d) in
relation to each of the individual amounts repaid, the reference details of the
relevant account, the date on which monies were paid to the account holder and
the amount paid out.
(4) The
application must be made by means of a copy of Notice 4 in Schedule 1
duly completed.
4 Currency
conversion rate
The rate for the conversion of any currency (other than Jersey
currency) into the currency of Jersey is the prevailing exchange rate on the
day of the conversion.
5 Fees
(1) This
paragraph applies where there is no bank acting as agent in respect of a
transferred dormant account balance and the Minister, on behalf of the Fund, is
required to deal directly with a claim from an account holder for repayment.
(2) Where
paragraph (1) applies the Minister may charge a fee reflecting the costs
incurred to the Fund in processing the claim or paying a third party to process
it.
(3) However,
the Minister must not charge a fee of such an amount as would make it
uneconomic for an account holder to pursue a claim.
6 Terms
of agency agreement
The provisions of Schedule 2 have effect as if they were
contained in a contract made between the Minister on behalf of the Fund and any
bank with which a dormant account was held at the time of the transfer to the
Fund.
7 Accounts
dormant on commencement
(1) Subject
to paragraph (2), where Article 7(8) of the Law applies the bank must
send to the Minister a copy of Notice 5A in Schedule 1 duly
completed.
(2) Where
Article 7(8)(b) applies the bank must send to the Minister a copy of
Notice 5B in Schedule 1 duly completed.
8 Citation
and commencement
This Order may be cited as the Dormant Bank Accounts (Notices, Fees
and Terms of Agency) (Jersey) Order 2017 and shall come into force on
17th July 2017.
senator i.j. gorst
Chief Minister
SCHEDULE 1
(Articles 2, 3 and 7)
notices
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NOTICE 1
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NOTICE OF DORMANT ACCOUNTS HELD
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Dormant Bank Accounts
(Jersey) Law 2017 (the Law) – Article 7(1)
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Dormant Bank Accounts
(Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the
Order) – Article 2
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From: [Name of Participant]
Participant ID Number: ........................................
To: The Chief Minister, c/o Head of Investment Management,
Treasury and Resources Department, Cyril Le Marquand House, The Parade,
St. Helier, Jersey JE4 8UL
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Dear Sirs,
Notice of Dormant
Accounts held
We hereby give notice under Article 7 of the Law that as at [insert date] (the Effective
Date) –
(i) we
hold [● insert number] accounts which
have fallen dormant during the preceding relevant year (the Dormant Accounts);
(ii) the
total amount held by us in the Dormant Accounts as at the Effective Date was
£[●];
(iii) the
balance of each of the Dormant Accounts is listed on the attached
spreadsheet, together with the currency in which the balance is held and the
number of years each account has been dormant.
We certify that, except to the extent, if any, disclosed on the
attached spreadsheet, there is no reason why the balances in each of the
dormant accounts cannot be transferred.
Yours faithfully,
For and on behalf of [Participant]
Date:
[ ]
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NOTICE 2
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NOTICE OF INTENDED TRANSFER
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Dormant Bank Accounts
(Jersey) Law 2017 (the Law) – Article 7(7)
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Dormant Bank Accounts
(Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the
Order) – Article 2(5)(b)
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From: [Name of Participant]
Participant ID Number: ........................................
To: The Chief Minister, c/o Head of Investment Management,
Treasury and Resources Department, Cyril Le Marquand House, The Parade,
St. Helier, Jersey JE4 8UL
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Dear Sirs,
Notice of intended
transfer of Dormant Accounts
We hereby give notice under Article 7(7) of the Law that on [insert intended transfer Date] we intend
to transfer to you an amount representing dormant account balances
of –
(i) £[●]
in respect of dormant bank accounts; [and
(ii) £[●]
in respect of dormant accounts holding precious stones or precious metals,]
representing the total of the individual balances as set out in
the attached spreadsheet, by making payment to your account [insert account details], quoting
reference [XXX].
We certify that, except to the extent, if any, disclosed on the
attached spreadsheet, there is no reason why the balances in each of the
dormant accounts cannot be transferred.
Yours faithfully,
For and on behalf of [Participant]
Date: [ ]
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NOTICE 3
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ANNUAL NOTICE OF REPAYMENTS
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Dormant Bank Accounts
(Jersey) Law 2017 (the Law) – Article 12
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Dormant Bank Accounts
(Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the
Order) – Article 3(1)
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From: [Name of Participant]
Participant ID Number: ........................................
To: The Chief Minister, c/o Head of Investment Management,
Treasury and Resources Department, Cyril Le Marquand House, The Parade,
St. Helier, Jersey JE4 8UL
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Dear Sirs
Annual Notice of
Repayments – for year ending 30 June [20xx]
We hereby give notice under Article 12 of the Law that in the
year 1 July 20[xx] to 30 June 20[xx] –
(i) the
total sum of £[●] was paid out by us to account holder claimants
in accordance with Article 11(1)(f) of the Law;
(ii) the
total sum of £[●] was claimed from the Minister under
Article 13(1);
(iii) the
total sum of £[●] was not paid out (i.e. continues to be
held by us in respect of balances in dormant accounts).
Yours faithfully,
For and on behalf of [Participant]
Date: [ ]
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NOTICE 4
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RECLAIM CERTIFICATE
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Dormant Bank Accounts
(Jersey) Law 2017 (the Law) – Article 13
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Dormant Bank Accounts
(Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the
Order) – Article 3(2)-(4)
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From: [Name of
Participant]
Participant ID
Number: ........................................
To: The Chief Minister,
c/o Head of Investment Management, Treasury and Resources Department, Cyril
Le Marquand House, The Parade, St. Helier, Jersey JE4 8UL
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Dear Sirs,
Reclaim Certificate by [Participant]
We hereby certify
that –
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1.
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This certificate is for
the period called the Repayment Period set out below.
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2.
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In the Repayment Period,
we have paid out the Aggregate Sum set out below to account holders of dormant
bank accounts under Article 11 of the Law.
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3.
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A claim for reimbursement
from the Minister is made under Article 13 of the Law in respect of the
[entirety of/part of] the Aggregate Sum, being the Reimbursement Sum set out
below.
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4.
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All amounts claimed from
the Minister were paid out within 3 years of this application being
made.
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5.
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We are satisfied that, in
respect of each claim, both the claim from, and the identity of, the account
holder have been duly verified, with particular reference to all applicable legislation
relating to anti-money laundering or terrorist financing.
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6.
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The Aggregate Sum is comprised of the individual sums specified on
the spreadsheet attached to this certificate.
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7.
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Repayment Period
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[Insert start and end dates]
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Aggregate Sum
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£[●]
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Reimbursement Sum
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£ [total sum claimed]
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Accordingly, we request
that you reimburse us the amount of £[●] by making payment to the
following account, quoting reference [XXX]:
[insert account details]:
Signed:
For and on behalf of [Participant]
Date: [ ]
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NOTICE 5A
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NOTICE OF ACCOUNTS DORMANT AT COMMENCEMENT
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Dormant Bank Accounts
(Jersey) Law 2017 (the Law) – Article 7(8)(a)
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Dormant Bank Accounts
(Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the
Order) – Article 7(1)
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From: [Name of Participant]
Participant ID
Number: ........................................
To: The Chief Minister, c/o Head of Investment Management,
Treasury and Resources Department, Cyril Le Marquand House, The Parade,
St. Helier, Jersey JE4 8UL
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Dear Sirs
Notice of Dormant
Accounts
We hereby give notice that as at 17 July 2017 (the Effective Date) (and not including
any amounts relating to dormant account balances already transferred to the
Minister under Article 7(8)(b) of the Law) –
(i) we
held [● insert number] accounts which
were already dormant under Article 5 of the Law as at the Effective Date
being the date that Article 7 of the Law came into force (the Dormant Accounts);
(ii) the
total amount held by us in the Dormant Accounts as at the Effective Date was
£[●];
(iii) the
balance of each of the Dormant Accounts is listed on the attached
spreadsheet.
We certify that, except to the extent specifically disclosed on
the attached spreadsheet, there is no reason why the balances in each of the
Dormant Accounts cannot be transferred.
Yours faithfully,
For and on behalf of [Participant]
Date: [ ]
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NOTICE 5B
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NOTICE OF SELECTED ACCOUNTS DORMANT AT COMMENCEMENT
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Dormant Bank Accounts
(Jersey) Law 2017 (the Law) – Article 7(8)(b)
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Dormant Bank Accounts
(Notices, Fees and Terms of Agency) (Jersey) Order 2017 (the
Order) – Article 7(2)
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From: [Name of Participant]
Participant ID
Number: ........................................
To: The Chief Minister, c/o Head of Investment Management,
Treasury and Resources Department, Cyril Le Marquand House, The Parade,
St. Helier, Jersey JE4 8UL
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Dear Sirs
Notice of Dormant
Accounts – optional transfer of monies in accounts already dormant
at commencement of Article 7 of the Law
We hereby give notice that as at 17 July 2017 (the Effective Date) –
(i) we
held [● insert number] accounts which
were already dormant under Article 5 of the Law as at the Effective
Date, being the date that Article 7 of the Law came into force, which we
wish to transfer to the Minister under Article 7(8)(b) of the Law (the Selected Dormant Accounts);
(ii) the
total amount held by us in the Selected Dormant Accounts as at the Effective
Date was £[●];
(iii) the
balance of each of the Selected Dormant Accounts is listed on the attached
spreadsheet.
We certify that, except to the extent specifically disclosed on
the attached spreadsheet, there is no reason why the balances in each of the
Selected Dormant Accounts cannot be transferred.
We wish to transfer the balances in the Selected Dormant Accounts
and, subject to the agreement of the Minister, we intend to make such
transfer [specify anticipated month of
transfer or date if known].
Yours faithfully,
For and on behalf of [Participant]
Date: [ ]
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SCHEDULE 2
(Article 6)
terms of agency agreement
1 Duration
of agency
The agency commences on the date on which a bank first transfers any
balance of a dormant account to the Fund and continues unless and until
terminated by a written agreement between the bank and the Minister on behalf
of the Fund, on terms as may be agreed between those parties.
2 Reimbursement
of Minister
If the Minister incurs any costs, expenses or damages as a result of
a failure of a bank to comply with the Law or this Order, the bank is liable to
reimburse the Minister.
3 Bank’s
obligations
(1) The
bank must meet the general obligations of an agent towards its principal,
including in particular –
(a) to
act towards the Fund conscientiously and in good faith and not to allow its
interests to conflict with its duties to the Fund under the Law or this Order;
(b) not
to do or fail to do anything that would adversely affect the reputation or
goodwill of the Fund;
(c) except
as authorized on behalf of the Fund, not to act in a way that will incur any
liabilities on behalf of the Fund nor increase the Fund’s liability to
account holders in any way, nor to pledge or purport to pledge the credit of
the Fund;
(d) to
comply with all reasonable and lawful instructions of the Minister on behalf of
the Fund concerning the operation of the dormant accounts scheme established by
the Law, in particular the management of claims for repayment by account
holders, and generally to carry out its agency in such manner as it thinks best
to promote the interests of the Fund.
(2) The
bank must also ensure that it –
(a) retains
all relevant records in respect of an account holder whose account with the
bank has been classified as dormant and has been transferred to the Fund and
where records are required to be held for a period of 10 years under Article 15(5)
of the Law, notifies the Minister that it holds the records and the requirement
to hold them is about to expire no later than 3 months before the end of
that 10-year period;
(b) complies
with all legal and regulatory requirements applicable from time to time in
respect of the relationship with any account holder of the bank whose dormant
account balance has been transferred to the Fund;
(c) responds
to any contact from a former account holder of the bank whose dormant account
balance has been transferred to the Fund (but nothing in clause (b) or this
clause requires the bank to initiate any contact with that account holder
directly);
(d) manages
and processes, in accordance with the bank’s policies and procedures and
any legal or regulatory requirements applicable from time to time, all queries
and complaints from an account holder (or the account holder’s successors
or personal representatives) in relation to a transferred dormant account
balance;
(e) ensures
the correct validation, calculation, processing and payment (if applicable) of
all claims from account holders in respect of transferred dormant account
balances in accordance with the terms and conditions of the relevant account,
the bank’s policies and procedures and the provisions of the Law and this
Order;
(f) manages
and settles any dispute between the account holder and the bank in relation to
the amount payable to the account holder, whether in respect of a principal sum
or interest, in respect of a transferred dormant account balance;
(g) notifies
the Minister on behalf of the Fund quarterly of any dispute with an account
holder in relation to the amount due to the account holder in respect of any
transferred dormant account balance giving a summary of the complaint (the
management of the dispute being solely at the discretion of the bank unless the
Minister decides to intervene and determine the dispute);
(h) completes
all checks and investigations required at the time of the account
holder’s reclaim for the purposes of verifying the account holder’s
identity in accordance with all applicable law relating to anti-money
laundering or terrorist financing, and to ensure payment to the account holder
is not prohibited by those requirements or by any other enactment;
(i) submits
quarterly claims for reimbursement from the Fund under Article 13 of the
Law for the aggregate amount that it has paid to account holders in respect of
claims for repayment of transferred dormant account balances for the preceding
relevant year and, if not previously claimed by the bank, for any amount paid
to any account holder during any of the 3 years prior to the current claim
for reimbursement;
(j) when
submitting a notice, including any claim for reimbursement under clause (i),
warrants that the information provided is true, accurate and complete in all
respects;
(k) provides
such information in respect of the bank’s participation in the scheme as
the Minister on behalf of the Fund may reasonably require;
(l) allows
any person appointed by the Minister to verify its compliance with this Order
and that it pays the fees of such person.
4 Liability
of Fund
(1) If
the bank has agreed to reimburse an account holder with an amount in respect of
a claim relating to a transferred dormant account that is greater than the
amount of the Fund’s liability under the Law, the Fund is not liable to
reimburse the bank for the amount actually paid to the account holder by the
bank.
(2) The
Fund has no liability to any account holder –
(a) arising
as a result of any error, failure or breach by the bank (including any possible
failure by the bank to observe the terms and conditions applicable to the
account holder) that is in excess of the amount transferred to the Fund by the
bank together with any interest due to which the account holder is entitled
under Article 9(4) of the Law; and
(b) for
any error, failure or breach by the bank in its performance of its role as
agent of the Fund.