The Jersey government is seeking public feedback on draft legislation aimed at changing the system for reclaiming money if a bank closes.
The proposal involves transferring the responsibilities of the Jersey Bank Depositors Compensation Scheme (DCS) to the Jersey Resolution Authority (JRA), which the government believes will simplify the claims process. Originally, the government planned to make the transfer by 1 January, but this timeline has been pushed back to 1 July 2025 to allow for further consultation on the legislation.
Following a consultation in February 2023, the current consultation does not address changes to the protected deposit value, the liability cap, or the definition of eligible depositors.
The DCS has been in place since November 2009.
The consultation is open until 15 November, and details on how to submit feedback are available on the government’s website.