Consultation under way for new banking legislation

General view of Broad Street in St Helier, Jersey. In the background you can see a tall red brick building in the distance which has the sign 'Natwest' on it. There is a person sat on a bench at the centre and other people walking on the High Street.

The Government of Jersey said it plans to transfer the functions of the Jersey Bank Depositors Compensation Scheme to the Jersey Resolution Authority in 2025

The government in Jersey has asked for views on its draft legislation to change the system people use to claim money back if their bank closes.

The Government of Jersey said it plans to transfer the functions of the Jersey Bank Depositors Compensation Scheme (DCS) to the Jersey Resolution Authority (JRA) to make it easier for people to claim.

The government previously said it intended to transfer the functions from the DCS Board by 1 January, but the timeline was "no longer possible".

The timeline has since been extended to 1 July 2025 to allow time for the consultation on the draft legislation.

It followed a consultation in February 2023, and the government said it was not consulting on adjustments to the protected deposit value, to the liability cap, or extension of the eligible depositor definition.

The DCA Board has been in force since November 2009.

The government said the consultation was open until 15 November and information on how to submit a response was on its website.

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