Dormant Assets Bill 2018

Closed 19 Oct 2018

Opened 10 Sep 2018

Overview

The main aim of the Bill is to enable dormant assets held by banks in the Island (known as dormant bank accounts) to be transferred to a central fund called the Dormant Assets Fund (the fund) and to allow a proportion of the amounts transferred to be distributed for charitable purposes in the Island. 

Dormant bank accounts will, in general terms, include any account held by a bank where contact has been lost with the account owner for a period of at least 15 years.

The legislation will not act to disadvantage anyone who later seeks to recover their dormant asset as their right to reclaim will be preserved indefinitely (in perpetuity).

Why We Are Consulting

The Treasury welcomes comments from all members of the public.

In particular, the operation of this new legislation will affect a number of specific stakeholders including:

  • the owners of potential dormant bank accounts
  • IoM licensed banks
  • any organisations that may benefit from the distribution of identified funds

What Happens Next

The Treasury will publish a summary of the responses as soon as possible after the closing date of the consultation. Based on the consultation feedback, changes to the draft Bill will be considered and applied where appropriate.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Legislation
  • Pensions
  • Finance