Assignment of Functions (Minister of Finance, Economic Development and Investment Promotion) (Amendment) Notice, 2024 (No. 2)
The Finance Minister takes over the Institute of Chartered Loss Control and Private Security Management Act and gives up the People's Own Savings Bank Act — POSB's governing statute now sits with another Ministry.
This notice amends the schedule of Acts assigned to the Minister of Finance, Economic Development and Investment Promotion, as published in S.I. 97 of 2023.
Added to the Minister's list is the Institute of Chartered Loss Control and Private Security Management Act (Act No. 2 of 2023) — the statute establishing the professional body for loss control and private security management practitioners.
Removed from the list is the People's Own Savings Bank Act [Chapter 24:22] (Act No. 18 of 1999). POSB is the state-owned savings bank, so this moves responsibility for its governing statute out of the Treasury portfolio. The notice does not name the Minister who now administers it; that has to be traced through the assignment notice for the receiving Ministry.
Nothing in the substantive law changes. What changes is who signs the regulations, appointments and approvals under each Act, which matters to anyone lodging a submission or seeking ministerial consent.
No commencement date is stated beyond gazetting on 10 May 2024.
What changed
- Institute of Chartered Loss Control and Private Security Management Act (No. 2 of 2023) added to the Finance Minister's schedule
- People's Own Savings Bank Act [Chapter 24:22] removed from the Finance Minister's schedule
Who this affects
- the People's Own Savings Bank and its customers
- loss control and private security management practitioners
- the Institute of Chartered Loss Control and Private Security Management
- Treasury officials and financial sector legal advisers
Plain-language summary — not legal advice. Always read the full instrument.