12 Transfer of eligible client money to reclaim fund
Dormant Assets Act 2022 (2022 c 5) | Legislation

Client money assets

12  Transfer of eligible client money to reclaim fund

(1)     This section applies where—

(a)     an investment institution transfers to an authorised reclaim fund an amount of dormant eligible client money owing to a person, and

(b)     the reclaim fund consents to the transfer.

(2)     On the transfer of the amount—

(a)     a person to whom the amount is payable immediately before the transfer ceases to have any right against any investment institution to payment of the amount, but

(b)     that person acquires against the reclaim

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