The Banking (Budget Amendment) Bill 2025 has been presented to the Parliament as part of the 2025-2026 budget discussions. This bill proposes that licensed financial institutions will only be required to publish a comprehensive list of unclaimed funds on their official websites, aiming to address the inefficiencies associated with public notifications regarding unclaimed monies.
If passed, the bill will come into effect on September 30, 2025. It seeks to amend section 67 of the Banking Act 1995, mandating that not only must these institutions publish unclaimed monies online, but they must also announce this in the Gazette and local newspapers. This is intended to guide the public on how to access the published information.
The amendment is designed to streamline the process for managing unclaimed funds and ensures that financial institutions retain these statements on their websites for a specified duration. Furthermore, institutions will require prior approval from the Reserve Bank of Fiji to remove any such statements.
This bill is a significant step toward enhancing transparency and operational efficiency in the financial sector, and it reflects the government’s ongoing commitment to improving the management of financial assets. By facilitating better accessibility to information regarding unclaimed funds, the bill can help protect consumers and potentially reunite individuals with their lost monies.
The proposal resonates with similar efforts noted in the ongoing discussions surrounding the regulation of financial institutions and consumer protection, such as the proposed amendments to the Reserve Bank of Fiji Act aimed at improving oversight of unlicensed credit providers. Together, these legislative initiatives highlight a positive trend toward enhancing consumer trust and stability within Fiji’s financial landscape, fostering a more accountable and transparent financial system.
Leave a comment