Dormant Assets Bill 2018

Closed 19 Oct 2018

Opened 10 Sep 2018

Feedback Updated 15 Nov 2018

We Asked

We Asked

The Treasury asked for feedback on the draft Dormant Assets Bill 2018.

The main aims of the proposed legislation are:

  • to enable dormant assets held by banks in the Island to be transferred to a central fund called the Dormant Assets Fund and
  • to allow a proportion of the amounts transferred to then be distributed for charitable purposes in the Island

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.

You Said

The consultation attracted 25 responses in total, 21 of which contained comments about the draft Bill.

Respondents included:

  • local banks
  • local businesses / organisations
  • politicians
  • Government bodies
  • individuals

All respondents indicated general support for the introduction of a dormancy regime in the Island. Some respondents sought further clarity over how the proposed legislation will be applied to bank accounts in the Island. Responses also sought more detail regarding the operational framework provided within the draft Bill and some amendments were proposed.

We Did

All comments received have been considered and reported upon within the consultation response document with additional detail supplied where requested. A number of amendments to the Bill have also been made. The Council of Ministers will now be asked to approve the revised Bill and agree introduction to the Parliamentary Branches as soon as possible.

Results Updated 15 Nov 2018

The Treasury has now published a consultation response document.

Files:

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