Dormant Assets Act 2022

February 28, 2022

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<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-1"><num>PART 1</num><heading>The dormant assets scheme</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-introduction"><heading>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-introduction"><heading>Introduction</heading><section eId="section-1"><num>1</num><heading>The dormant

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1"><num>1</num><heading>The dormant assets scheme: overview</heading><subsection eId="section-1-1"><num>(1)</num><content>The applicable provisions of this Act and the Dormant Bank and Building Society Accounts Act 200

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-1"><num>(1)</num><content>The applicable provisions of this Act and the Dormant Bank and Building Society Accounts Act 2008 (in this Act referred to as “<term refersTo="#term-the-2008-act" eId="term-the-2008-act">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-2"><num>(2)</num><intro>The applicable provisions are—</intro><level class="para1" eId="section-1-2-a"><num>(a)</num><content>this Part and sections 22 to 25 below (so far as relating to this Part), and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-a"><num>(a)</num><content>this Part and sections 22 to 25 below (so far as relating to this Part), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-2-b"><num>(b)</num><content>in the 2008 Act, section 1 and sections 4 and 6 to 10 (so far as relating to section 1).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-3"><num>(3)</num><intro>The common features of the scheme as it applies to assets of a particular description are that—</intro><level class="para1" eId="section-1-3-a"><num>(a)</num><content>an institution

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-3-a"><num>(a)</num><content>an institution transfers to an authorised reclaim fund, with its consent, an amount owing to a person which is dormant,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-3-b"><num>(b)</num><content>the transfer extinguishes the right the person has in relation to the amount owing, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-3-c"><num>(c)</num><content>that right is replaced by a right against the reclaim fund to payment of the amount specified in the applicable provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-4"><num>(4)</num><content>In subsection <ref href="#section-1-3-a">(3)(a)</ref> “<term refersTo="#term-amount-owing" eId="term-amount-owing">amount owing</term>” includes an amount available to be paid as benefits

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-5"><num>(5)</num><content>The purpose of the dormant assets scheme is to enable an authorised reclaim fund, from time to time, to release funds derived from transfers to it for distribution in accordance with Part

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-6"><num>(6)</num><intro>The assets within the scope of the scheme are—</intro><level class="para1" eId="section-1-6-a"><num>(a)</num><content>bank and building society assets, namely rights against banks an

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-a"><num>(a)</num><content>bank and building society assets, namely rights against banks and building societies to payment of account balances (see the provisions of the 2008 Act specified in subsection

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-b"><num>(b)</num><content>long-term insurance assets, namely rights against insurance institutions to payment of any eligible insurance proceeds (see sections 2 to 4);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-c"><num>(c)</num><content>pension assets, namely rights against pension institutions to payment of (or to elect how to receive) any eligible pension benefits (see sections 5 to 7);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-d"><num>(d)</num><content>investment assets, namely rights against investment institutions to payment of any eligible amounts owing by virtue of collective scheme investments (see sections 8 to 11);

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-e"><num>(e)</num><content>client money assets, namely rights against investment institutions to payment of any eligible client money (see sections 12 and 13);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-6-f"><num>(f)</num><content>securities assets, namely rights to payment of any eligible proceeds or distribution relating to shares in traded public companies (see sections 14 to 16).</content></level

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-7"><num>(7)</num><intro>The dormant assets scheme supersedes the general scheme for dormant bank and building society accounts under Part 1 of the 2008 Act, but this does not affect—</intro><level class="para1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-7-a"><num>(a)</num><content>the continued operation of that general scheme in relation to amounts transferred as mentioned in section 1 of the 2008 Act before the coming into force of this section, or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-7-b"><num>(b)</num><content>the continued operation of the provisions constituting that general scheme as part of the dormant assets scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-8"><num>(8)</num><intro>The dormant assets scheme does not apply in relation to—</intro><level class="para1" eId="section-1-8-a"><num>(a)</num><content>transfers to an authorised reclaim fund of the agreed

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-8-a"><num>(a)</num><content>transfers to an authorised reclaim fund of the agreed proportion of the balance of a dormant bank or building society account under the alternative scheme for smaller instituti

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-8-b"><num>(b)</num><content>transfers to an authorised reclaim fund of unwanted assets (see section 21 below).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-9"><num>(9)</num><content>It is immaterial for the purposes of any provision of this Act or Part 1 of the 2008 Act whether activities of an institution referred to in the provision are carried out directly by the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-10"><num>(10)</num><intro>In this Part—</intro><level class="para1" eId="section-1-10-a"><num>(a)</num><content>any reference to an amount owing (or payable) to a person includes a reference to an amount wh

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-10-a"><num>(a)</num><content>any reference to an amount owing (or payable) to a person includes a reference to an amount which is not immediately payable to the person only because it is necessary for a r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-10-b"><num>(b)</num><content>any reference to the right to payment of an amount owing (or payable) includes, in the case of an amount described in paragraph <ref href="#section-1-10-a">(a)</ref>, the righ

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-longterm-insurance-assets"><heading>Long-term insurance assets</heading><section eId="section-2"><num>2

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2"><num>2</num><heading>Transfer of eligible insurance proceeds to reclaim fund</heading><subsection eId="section-2-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-2-1-a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-2-1-a"><num>(a)</num><content>an insurance institution transfers to an authorised reclaim fund dormant eligible i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-1-a"><num>(a)</num><content>an insurance institution transfers to an authorised reclaim fund dormant eligible insurance proceeds owing to a person, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-1-b"><num>(b)</num><content>the reclaim fund consents to the transfer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-2"><num>(2)</num><intro>On the transfer of the eligible insurance proceeds—</intro><level class="para1" eId="section-2-2-a"><num>(a)</num><content>a person to whom the proceeds are payable immediately befor

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-2-a"><num>(a)</num><content>a person to whom the proceeds are payable immediately before the transfer ceases to have any right against any insurance institution to payment of the proceeds, but</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-2-b"><num>(b)</num><content>that person acquires against the reclaim fund whatever right to payment of the proceeds the person would have had against the institution if the transfer had not happened.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-3"><num>(3)</num><intro>In this Act “<term refersTo="#term-insurance-institution" eId="term-insurance-institution">insurance institution</term>”, in relation to any eligible insurance proceeds, means (subject to s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-3-a"><num>(a)</num><content>under Part 4A of FSMA 2000 has permission to perform a regulated activity for the purposes of FSMA 2000 by virtue of article 10(2) of the RAO 2001 (carrying out a contract of i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-3-b"><num>(b)</num><content>owes the proceeds in the course of, or in connection with, that regulated activity, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-3-c"><num>(c)</num><content>has its head office or an establishment in the United Kingdom.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2-4"><num>(4)</num><intro>“<term refersTo="#term-insurance-institution" eId="term-insurance-institution">Insurance institution</term>” does not include—</intro><level class="para1" eId="section-2-4-a"><num>(a)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-a"><num>(a)</num><content>a mutual insurer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-4-b"><num>(b)</num><content>a person who is specified, or is within a class of persons specified, by an order under section 38 of FSMA 2000 (exemption orders).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3"><num>3</num><heading>“Eligible insurance proceeds”</heading><subsection eId="section-3-1"><num>(1)</num><content>In this Act “eligible insurance proceeds” are (subject to subsections <ref href="#section-3-2">(2)</re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-1"><num>(1)</num><content>In this Act “eligible insurance proceeds” are (subject to subsections <ref href="#section-3-2">(2)</ref> and <ref href="#section-3-3">(3)</ref>) the cash proceeds of a contract of long-te

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-2"><num>(2)</num><intro>A contract is excluded from subsection <ref href="#section-3-1">(1)</ref> if it is—</intro><level class="para1" eId="section-3-2-a"><num>(a)</num><content>a with-profits policy,<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-a"><num>(a)</num><content>a with-profits policy,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-b"><num>(b)</num><content>an industrial assurance policy, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-c"><num>(c)</num><content>a policy that is the subject of a trust.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-3"><num>(3)</num><content>Proceeds of a contract of long-term insurance held in a Lifetime ISA are excluded from subsection <ref href="#section-3-1">(1)</ref> if their transfer to an authorised reclaim fund would

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-4"><num>(4)</num><content>In relation to a time after a transfer has been made as mentioned in section 2<ref href="#section-2-1">(1)</ref>(a), the adjustments referred to in subsection <ref href="#section-3-1">(1)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-5"><num>(5)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-contract-of-long-term-insurance" eId="term-contract-of-long-term-insurance">contract of long-ter

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-fca-rules" eId="term-fca-rules">FCA rules</term>” means rules under section 137A of FSMA 2000;</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(c)</num><content>an Act or Measure of Senedd Cymru, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(c)</num><content>a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014;</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4"><num>4</num><heading>Meaning of “<term refersTo="#term-dormant" eId="term-dormant">dormant</term>” in relation to eligible insurance proceeds</heading><subsection eId="section-4-1"><num>(1)</num><content>For the pur

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-1"><num>(1)</num><content>For the purposes of this Act eligible insurance proceeds are “dormant” at a particular time if any of the following four conditions are met at that time.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-2"><num>(2)</num><intro>The first condition is that the responsible institution—</intro><level class="para1" eId="section-4-2-a"><num>(a)</num><content>has been notified that the person in respect of whom t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-a"><num>(a)</num><content>has been notified that the person in respect of whom the proceeds are payable has died, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-b"><num>(b)</num><content>is satisfied that there is no person to whom the proceeds are payable.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-3"><num>(3)</num><intro>The second condition is that—</intro><level class="para1" eId="section-4-3-a"><num>(a)</num><content>there has been a period of at least 7 years since the responsible institution was

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-3-a"><num>(a)</num><content>there has been a period of at least 7 years since the responsible institution was notified that the person in respect of whom the proceeds are payable has died, and</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-3-b"><num>(b)</num><intro>the responsible institution has not received any communication since that time from—</intro><level class="para2" eId="section-4-3-b-i"><num>(i)</num><content>anyone admini

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-4-3-b-i"><num>(i)</num><content>anyone administering the estate of that person, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-4-3-b-ii"><num>(ii)</num><content>the person to whom the proceeds are payable (or a person acting on behalf of that person).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-4"><num>(4)</num><intro>The third condition is that—</intro><level class="para1" eId="section-4-4-a"><num>(a)</num><content>the responsible institution is satisfied that the person in respect of whom the pr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-4-a"><num>(a)</num><content>the responsible institution is satisfied that the person in respect of whom the proceeds are payable would be at least 120 years old, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-4-b"><num>(b)</num><intro>the responsible institution has not received any communication from—</intro><level class="para2" eId="section-4-4-b-i"><num>(i)</num><content>anyone administering the esta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-4-4-b-i"><num>(i)</num><content>anyone administering the estate of that person, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-4-4-b-ii"><num>(ii)</num><content>the person to whom the proceeds are payable (or a person acting on behalf of that person),</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-5"><num>(5)</num><intro>The fourth condition is that—</intro><level class="para1" eId="section-4-5-a"><num>(a)</num><content>the proceeds have become payable by virtue of the insurance contract term ending,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-5-a"><num>(a)</num><content>the proceeds have become payable by virtue of the insurance contract term ending,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-5-b"><num>(b)</num><content>a period of at least 7 years has elapsed since the end of the term, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-5-c"><num>(c)</num><content>the responsible institution has not received any communication from the person to whom the proceeds are payable (or a person acting on behalf of that person) since that time.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-6"><num>(6)</num><intro>In this section, “<term refersTo="#term-responsible-institution" eId="term-responsible-institution">responsible institution</term>” means the insurance institution that is responsible, in r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-6-a"><num>(a)</num><content>receiving notification of the kind mentioned in subsection <ref href="#section-4-2-a">(2)(a)</ref> or <ref href="#section-4-3-a">(3)(a)</ref>,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-6-b"><num>(b)</num><content>making an assessment of the kind mentioned in subsection <ref href="#section-4-2-b">(2)(b)</ref> or <ref href="#section-4-4-a">(4)(a)</ref>, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-6-c"><num>(c)</num><content>receiving communications as mentioned in subsection <ref href="#section-4-3-b">(3)(b)</ref>, <ref href="#section-4-4-b">(4)(b)</ref> or <ref href="#section-4-5-c">(5)(c)</ref>.

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-pension-assets"><heading>Pension assets</heading><section eId="section-5"><num>5</num><heading>Transfer

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5"><num>5</num><heading>Transfer of eligible pension benefits to reclaim fund</heading><subsection eId="section-5-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-5-1-a">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-5-1-a"><num>(a)</num><content>a pension institution transfers to an authorised reclaim fund dormant eligible pens

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-a"><num>(a)</num><content>a pension institution transfers to an authorised reclaim fund dormant eligible pension benefits owing to a person, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-b"><num>(b)</num><content>the reclaim fund consents to the transfer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-2"><num>(2)</num><intro>On the transfer of eligible pension benefits consisting of benefits mentioned in section 6<ref href="#section-6-1-a">(1)(a)</ref> or <ref href="#section-6-1-b">(b)</ref>—</intro><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-a"><num>(a)</num><content>a person to whom the benefits are payable immediately before the transfer ceases to have any right against any pension institution to payment of the benefits, but</content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-2-b"><num>(b)</num><content>that person acquires against the reclaim fund whatever right to payment of the benefits the person would have had against the institution if the transfer had not happened.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-3"><num>(3)</num><intro>On the transfer of eligible pension benefits consisting of an amount mentioned in section 6<ref href="#section-6-1-c">(1)(c)</ref>—</intro><level class="para1" eId="section-5-3-a"><num>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-3-a"><num>(a)</num><content>a person entitled immediately before the transfer to elect to receive the amount in question ceases to have any right against any pension institution to elect to be paid that a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-3-b"><num>(b)</num><content>that person acquires against the reclaim fund whatever right to payment of the benefits the person would have had against the institution if the transfer had not happened and t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-4"><num>(4)</num><intro>In this Act “<term refersTo="#term-pension-institution" eId="term-pension-institution">pension institution</term>”, in relation to any eligible pension benefits, means (subject to subsectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-a"><num>(a)</num><content>under Part 4A of FSMA 2000 has permission to perform a regulated activity for the purposes of that Act by virtue of article 52(b) of the RAO 2001, where the regulated activity

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-b"><num>(b)</num><content>owes the benefits in the course of, or in connection with, operating or winding up a personal pension scheme, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-c"><num>(c)</num><content>has its head office or an establishment in the United Kingdom.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-5"><num>(5)</num><intro>“<term refersTo="#term-pension-institution" eId="term-pension-institution">Pension institution</term>” does not include—</intro><level class="para1" eId="section-5-5-a"><num>(a)</num><c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-5-a"><num>(a)</num><content>a mutual insurer, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-5-b"><num>(b)</num><content>a person who is specified, or is within a class of persons specified, by an order under section 38 of FSMA 2000 (exemption orders).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6"><num>6</num><heading>“Eligible pension benefits”</heading><subsection eId="section-6-1"><num>(1)</num><intro>In this Act “<term refersTo="#term-eligible-pension-benefits" eId="term-eligible-pension-benefits">eligibl

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-1"><num>(1)</num><intro>In this Act “<term refersTo="#term-eligible-pension-benefits" eId="term-eligible-pension-benefits">eligible pension benefits</term>” means (subject to subsection <ref href="#section-6-2">(2

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-a"><num>(a)</num><content>benefits in the form of income withdrawal that have become payable under a personal pension scheme,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-b"><num>(b)</num><intro>benefits that have become payable under a personal pension scheme—</intro><level class="para2" eId="section-6-1-b-i"><num>(i)</num><content>under which all benefits that m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-1-b-i"><num>(i)</num><content>under which all benefits that may be provided are money purchase benefits, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-6-1-b-ii"><num>(ii)</num><content>which is not and has at no time been a qualifying scheme or an automatic enrolment scheme in relation to the member to or in respect of whom the benefits are payable, or</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-1-c"><num>(c)</num><content>an amount available to be paid as benefits under a personal pension scheme of a kind mentioned in paragraph <ref href="#section-6-1-b">(b)</ref>,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-2"><num>(2)</num><content>Benefits under a personal pension scheme are excluded from being eligible pension benefits if (or to the extent that) they are provided from sums invested in a with-profits fund.</con

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-3"><num>(3)</num><content>In subsection <ref href="#section-6-1-c">(1)(c)</ref> the reference to an amount available to be paid is to an amount which, if a person so elected, would immediately become payable to th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-4"><num>(4)</num><content>In relation to a time after a transfer has been made as mentioned in section 5<ref href="#section-5-1">(1)</ref>(a), the adjustments referred to in subsection (1) above include those that

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-5"><num>(5)</num><intro>In this section—</intro><level class="para1" eId="section-6-5-a"><num>(a)</num><content>“automatic enrolment scheme”, “<term refersTo="#term-money-purchase-benefits" eId="term-money-

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-5-a"><num>(a)</num><content>“automatic enrolment scheme”, “<term refersTo="#term-money-purchase-benefits" eId="term-money-purchase-benefits">money purchase benefits</term>”, “<term refersTo="#term-persona

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-5-b"><num>(b)</num><content>“<term refersTo="#term-income-withdrawal" eId="term-income-withdrawal">income withdrawal</term>” has the same meaning as in paragraph 7 of Schedule 28 to the Finance Act 2004;<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-5-c"><num>(c)</num><content>“<term refersTo="#term-with-profits-fund" eId="term-with-profits-fund">with-profits fund</term>” has the same meaning as it has in the FCA Handbook as in force when this Act is

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7"><num>7</num><heading>Meaning of “<term refersTo="#term-dormant" eId="term-dormant">dormant</term>” in relation to eligible pension benefits</heading><subsection eId="section-7-1"><num>(1)</num><content>For the purpo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-1"><num>(1)</num><content>For the purposes of this Act eligible pension benefits are “dormant” at a particular time if any of the following four conditions are met at that time.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-2"><num>(2)</num><intro>The first condition is that the responsible institution—</intro><level class="para1" eId="section-7-2-a"><num>(a)</num><content>has been notified that the person in respect of whom t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-2-a"><num>(a)</num><content>has been notified that the person in respect of whom the benefits are payable has died, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-2-b"><num>(b)</num><intro>is satisfied that there is no person—</intro><level class="para2" eId="section-7-2-b-i"><num>(i)</num><content>to whom the benefits are payable (in the case of benefits me

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-2-b-i"><num>(i)</num><content>to whom the benefits are payable (in the case of benefits mentioned in section 6<ref href="#section-6-1-a">(1)(a)</ref> or <ref href="#section-6-1-b">(b)</ref>), or</cont

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-2-b-ii"><num>(ii)</num><content>entitled to elect to receive payment (in the case of benefits mentioned in section 6<ref href="#section-6-1-c">(1)(c)</ref>).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-3"><num>(3)</num><intro>The second condition is that—</intro><level class="para1" eId="section-7-3-a"><num>(a)</num><content>there has been a period of at least 7 years since the responsible institution was

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-3-a"><num>(a)</num><content>there has been a period of at least 7 years since the responsible institution was notified that the person in respect of whom the benefits are payable has died, and</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-3-b"><num>(b)</num><intro>the responsible institution has not received any communication since that time from—</intro><level class="para2" eId="section-7-3-b-i"><num>(i)</num><content>anyone admini

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-3-b-i"><num>(i)</num><content>anyone administering the estate of that person, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-3-b-ii"><num>(ii)</num><content>a person mentioned in subsection <ref href="#section-7-2-b">(2)(b)</ref> (or a person acting on behalf of that person).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-4"><num>(4)</num><intro>The third condition is that—</intro><level class="para1" eId="section-7-4-a"><num>(a)</num><content>the responsible institution is satisfied that the person in respect of whom the be

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-4-a"><num>(a)</num><content>the responsible institution is satisfied that the person in respect of whom the benefits are payable would be at least 120 years old, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-4-b"><num>(b)</num><intro>the responsible institution has not received any communication from—</intro><level class="para2" eId="section-7-4-b-i"><num>(i)</num><content>anyone administering the esta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-4-b-i"><num>(i)</num><content>anyone administering the estate of that person, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-7-4-b-ii"><num>(ii)</num><content>the person mentioned in subsection <ref href="#section-7-2-a">(2)(a)</ref> or <ref href="#section-7-2-b">(2)(b)</ref> (or a person acting on behalf of that person),</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-5"><num>(5)</num><intro>The fourth condition, in the case of pension benefits consisting of benefits mentioned in section 6<ref href="#section-6-1-a">(1)(a)</ref>, is that—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-a"><num>(a)</num><content>the pension benefits have become payable by virtue of the pension contract term ending,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-b"><num>(b)</num><content>a period of at least 7 years has elapsed since the end of the term, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-5-c"><num>(c)</num><content>the responsible institution has not received any communication from the person to whom the benefits are payable (or a person acting on behalf of that person) since that time.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7-6"><num>(6)</num><intro>In this section “<term refersTo="#term-responsible-institution" eId="term-responsible-institution">responsible institution</term>” means the pension institution that is responsible, in rela

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-6-a"><num>(a)</num><content>receiving notification of the kind mentioned in subsection <ref href="#section-7-2-a">(2)(a)</ref> or <ref href="#section-7-3-a">(3)(a)</ref>,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-6-b"><num>(b)</num><content>making an assessment of the kind mentioned in subsection <ref href="#section-7-2-b">(2)(b)</ref> or <ref href="#section-7-4-a">(4)(a)</ref>, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-7-6-c"><num>(c)</num><content>receiving communications as mentioned in subsection <ref href="#section-7-3-b">(3)(b)</ref>, <ref href="#section-7-4-b">(4)(b)</ref> or <ref href="#section-7-5-c">(5)(c)</ref>.

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-investment-assets"><heading>Investment assets</heading><section eId="section-8"><num>8</num><heading>Tr

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8"><num>8</num><heading>Transfer of eligible amount owing by virtue of a collective scheme investment to reclaim fund</heading><subsection eId="section-8-1"><num>(1)</num><intro>This section applies where—</intro><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-8-1-a"><num>(a)</num><content>an investment institution transfers to an authorised reclaim fund a dormant eligibl

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-1-a"><num>(a)</num><content>an investment institution transfers to an authorised reclaim fund a dormant eligible amount owing by virtue of a collective scheme investment, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-1-b"><num>(b)</num><content>the reclaim fund consents to the transfer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-2"><num>(2)</num><intro>On the transfer of the amount—</intro><level class="para1" eId="section-8-2-a"><num>(a)</num><content>a person to whom the amount is payable immediately before the transfer ceases to

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-2-a"><num>(a)</num><content>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</content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-2-b"><num>(b)</num><content>that person acquires against the reclaim fund a right to payment of the reclaim amount (see section 11).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-3"><num>(3)</num><intro>In this Act “<term refersTo="#term-investment-institution" eId="term-investment-institution">investment institution</term>”, in relation to an amount owing by virtue of a collective scheme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-3-a"><num>(a)</num><content>under Part 4A of FSMA 2000 has permission to carry out activities of a kind mentioned in subsection (4),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-3-b"><num>(b)</num><content>owes the amount in the course of, or in connection with, carrying on activities covered by that permission, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-3-c"><num>(c)</num><content>has its head office or an establishment in the United Kingdom,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-4"><num>(4)</num><intro>The activities referred to in subsection (3)(a) are activities which are regulated activities for the purposes of FSMA 2000 by virtue of any of the following provisions of the RAO 2001—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-4-a"><num>(a)</num><content>article 51ZA (managing a UK UCITS);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-4-b"><num>(b)</num><content>article 51ZB (acting as trustee or depositary of a UK UCITS);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-4-c"><num>(c)</num><content>article 51ZC (managing an AIF);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-4-d"><num>(d)</num><content>article 51ZD (acting as trustee or depositary of an AIF).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9"><num>9</num><heading>“Eligible amount owing by virtue of a collective scheme investment”</heading><subsection eId="section-9-1"><num>(1)</num><content>This section gives the meaning in this Act of “eligible amount o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-1"><num>(1)</num><content>This section gives the meaning in this Act of “eligible amount owing by virtue of a collective scheme investment”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-2"><num>(2)</num><intro>In this Act “<term refersTo="#term-collective-scheme-investment" eId="term-collective-scheme-investment">collective scheme investment</term>” means—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-2-a"><num>(a)</num><content>a share in an authorised open-ended investment company (“<term refersTo="#term-oeic" eId="term-oeic">OEIC</term>”),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-2-b"><num>(b)</num><content>a unit in an authorised unit trust scheme, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-2-c"><num>(c)</num><content>a unit in an authorised contractual scheme.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-3"><num>(3)</num><intro>An eligible amount owing by virtue of a collective scheme investment is (subject to subsection <ref href="#section-9-4">(4)</ref>) the amount owing to a person by virtue of—</intro><lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-a"><num>(a)</num><content>a collective scheme investment being converted into a right to payment of an amount by an investment institution,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-b"><num>(b)</num><content>a redemption of a collective scheme investment by the share or unit holder,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-c"><num>(c)</num><content>a distribution of income attributable to a collective scheme investment, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-3-d"><num>(d)</num><content>an investment institution holding orphan monies attributable to the winding-up of, or the termination of a sub-fund of, the collective scheme containing a collective scheme inv

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-4"><num>(4)</num><content>An amount held in a Lifetime ISA is excluded from subsection <ref href="#section-9-3">(3)</ref> if its transfer to an authorised reclaim fund would result in liability to pay a withdrawal

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-5"><num>(5)</num><intro>For the purposes of subsection <ref href="#section-9-3-a">(3)(a)</ref> the reference to conversion of a collective scheme investment into a right to payment is to conversion in accordance w

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-a"><num>(a)</num><content>provision in the OEIC’s instrument of incorporation, the unit trust scheme’s trust deed or the authorised contractual scheme deed (as the case may be),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-b"><num>(b)</num><content>any contractual terms applicable in relation to the investment, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-5-c"><num>(c)</num><content>any other applicable provision (such as FCA rules) authorising or requiring conversion of the investment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-6"><num>(6)</num><intro>For the purposes of subsection <ref href="#section-9-3-d">(3)(d)</ref> the reference to orphan monies attributable to the winding up, or the termination of a sub-fund, of a collective schem

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-6-a"><num>(a)</num><intro>in the case of an OEIC, or an umbrella company sub-fund, that has been wound up otherwise than by the court, money (including unclaimed distributions) standing to the account of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-9-6-a-i"><num>(i)</num><content>paid into court, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-9-6-a-ii"><num>(ii)</num><content>(in Scotland) lodged in the name of the Accountant of the Court,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-6-b"><num>(b)</num><intro>in the case of a unit trust scheme which has been wound up, or an umbrella unit trust scheme sub-fund which has been terminated, money consisting of any unclaimed net proceeds or

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-9-6-b-i"><num>(i)</num><content>are held by the trustee after the end of the year beginning with the day on which the unit trust is dissolved or the sub-fund terminated (as the case may be), and</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-9-6-b-ii"><num>(ii)</num><content>would otherwise have to be paid into court, or (in Scotland) paid as the court may direct, in accordance with FCA rules;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-6-c"><num>(c)</num><intro>in the case of an authorised contractual scheme which has been wound up or an umbrella co-ownership scheme sub-fund which has been terminated, money consisting of any unclaimed n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-9-6-c-i"><num>(i)</num><content>are held by the depositary after one year from the date on which they became payable, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-9-6-c-ii"><num>(ii)</num><content>would otherwise have to be paid into court or (in Scotland) paid as the court may direct, in accordance with FCA rules.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-7"><num>(7)</num><intro>In this Act—</intro><level class="para1" eId="section-9-7-a"><num>(a)</num><content>“<term refersTo="#term-authorised-contractual-scheme" eId="term-authorised-contractual-scheme">aut

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-7-a"><num>(a)</num><content>“<term refersTo="#term-authorised-contractual-scheme" eId="term-authorised-contractual-scheme">authorised contractual scheme</term>”, “<term refersTo="#term-open-ended-investme

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-7-b"><num>(b)</num><content>“<term refersTo="#term-umbrella-company-sub-fund" eId="term-umbrella-company-sub-fund">umbrella company sub-fund</term>” means a separate part of the property of an umbrella co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-7-c"><num>(c)</num><content>“<term refersTo="#term-umbrella-unit-trust-scheme-sub-fund" eId="term-umbrella-unit-trust-scheme-sub-fund">umbrella unit trust scheme sub-fund</term>” means a separate part of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-9-7-d"><num>(d)</num><content>“<term refersTo="#term-umbrella-unit-trust-scheme-sub-fund" eId="term-umbrella-unit-trust-scheme-sub-fund">umbrella unit trust scheme sub-fund</term>” means a separate part of

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-8"><num>(8)</num><intro>In subsection (7)—</intro><hcontainer name="definition"><content>“<term refersTo="#term-umbrella-company" eId="term-umbrella-company">umbrella company</term>” means an OEIC whose ins

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-modify" eId="term-modify">modify</term>” includes amend, repeal or revoke;</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content><mod>In paragraph 4(2A) of Schedule 8 (directors’ report) to the Building Societies (Accounts and Related Provisions) Regulations 1998, after “2008” insert <quote

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-transfer" eId="term-transfer">transfer</term>” means a transfer of an amount to an authorised reclaim fund as mentioned in section 1(1)(a) or 2(1)(a) of the 2008 Act or section 2

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>a company registered under the Companies Act 2006 that has no share capital,</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10"><num>10</num><heading>Meaning of “<term refersTo="#term-dormant" eId="term-dormant">dormant</term>” in relation to eligible amount owing by virtue of a collective scheme investment</heading><subsection eId="section-10

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-1"><num>(1)</num><content>For the purposes of this Act an eligible amount owing by virtue of a collective scheme investment is “dormant” at a particular time if either (or both) of the following two conditions is

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-2"><num>(2)</num><content>The first condition, applicable to share or unit conversion proceeds, is that the responsible institution regards the person to whom the proceeds are payable as having been gone-away thr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-3"><num>(3)</num><content>The second condition, applicable to an amount which is not share or unit conversion proceeds, is that the responsible institution regards the person to whom the amount is payable as havi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-4"><num>(4)</num><content>For the purposes of subsections <ref href="#section-10-2">(2)</ref> and <ref href="#section-10-3">(3)</ref>, a responsible institution may regard a person as having been “gone-away” thro

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-5"><num>(5)</num><intro>Orphan monies attributable to a collective scheme investment may also be treated as dormant if they have become payable to a person after the transfer as mentioned in section 8<ref href="#

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-5-a"><num>(a)</num><content>was an amount attributable to the winding-up, or termination of a sub-fund, of the collective scheme containing the collective scheme investment, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-5-b"><num>(b)</num><content>was dormant by virtue of meeting the first or second condition above.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-6"><num>(6)</num><intro>In this section and section 11—</intro><hcontainer name="definition"><content>“<term refersTo="#term-orphan-monies" eId="term-orphan-monies">orphan monies</term>” means an amount ow

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-right-to-payment-provision" eId="term-right-to-payment-provision">right to payment provision</term>” means section 2(2)(b), 5(2)(b) or (3)(b), 8(2)(b), 12(2)(b) or 14(2)(b); and<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-10-7"><num>(7)</num><intro>In this section “<term refersTo="#term-responsible-institution" eId="term-responsible-institution">responsible institution</term>” means the investment institution that is responsible for

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-7-a"><num>(a)</num><content>assessing whether a person has been gone-away for a period;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-10-7-b"><num>(b)</num><content>receiving communications as mentioned in subsection <ref href="#section-10-4">(4)</ref>.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11"><num>11</num><heading>Meaning of “<term refersTo="#term-reclaim-amount" eId="term-reclaim-amount">reclaim amount</term>” in relation to an eligible amount owing by virtue of a collective scheme investment</heading><su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-1"><num>(1)</num><content>This section gives the meaning for the purposes of this Act of “<term refersTo="#term-reclaim-amount" eId="term-reclaim-amount">reclaim amount</term>” in relation to a transfer of an amo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-2"><num>(2)</num><intro>If the transfer is of share or unit conversion proceeds, the reclaim amount is the sum of—</intro><level class="para1" eId="section-11-2-a"><num>(a)</num><content>the price the shar

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-a"><num>(a)</num><content>the price the share or unit would have on the day on which the reclaim fund accepts the claim for the reclaim amount,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-b"><num>(b)</num><content>any distributions of income attributable to the share or unit that would have been paid, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-11-2-c"><num>(c)</num><content>any allocation of income attributable to the share or unit that would have been made,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-3"><num>(3)</num><content>Where there is no price calculated for the share or unit on the day mentioned in subsection <ref href="#section-11-2-a">(2)(a)</ref>, the price it would have on that day is to be taken t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-4"><num>(4)</num><content>If the transfer is of an amount which is not share or unit conversion proceeds, the reclaim amount is whatever amount would have been owing if the transfer had not happened.</content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-5"><num>(5)</num><content>The reclaim amounts described in subsections <ref href="#section-11-2">(2)</ref> and <ref href="#section-11-4">(4)</ref> are to be calculated after making any appropriate adjustments tha

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-client-money-assets"><heading>Client money assets</heading><section eId="section-12"><num>12</num><head

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12"><num>12</num><heading>Transfer of eligible client money to reclaim fund</heading><subsection eId="section-12-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-12-1-a">

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-12-1-a"><num>(a)</num><content>an investment institution transfers to an authorised reclaim fund an amount of do

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-a"><num>(a)</num><content>an investment institution transfers to an authorised reclaim fund an amount of dormant eligible client money owing to a person, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-1-b"><num>(b)</num><content>the reclaim fund consents to the transfer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-2"><num>(2)</num><intro>On the transfer of the amount—</intro><level class="para1" eId="section-12-2-a"><num>(a)</num><content>a person to whom the amount is payable immediately before the transfer ceases

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-a"><num>(a)</num><content>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</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-2-b"><num>(b)</num><content>that person acquires against the reclaim fund whatever right to payment of the amount the person would have had against the institution if the transfer had not happened.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-3"><num>(3)</num><intro>In this Act “<term refersTo="#term-investment-institution" eId="term-investment-institution">investment institution</term>”, in relation to an amount of eligible client money, means a pers

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-3-a"><num>(a)</num><content>has permission under Part 4A of FSMA 2000 to carry on any activities, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-3-b"><num>(b)</num><content>has its head office or an establishment in the United Kingdom,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-4"><num>(4)</num><intro>In this Act “<term refersTo="#term-eligible-client-money" eId="term-eligible-client-money">eligible client money</term>” means (subject to subsection <ref href="#section-12-6">(6)</ref>) c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-4-a"><num>(a)</num><content>is held in the course of, or in connection with, the regulated activities covered by the institution’s Part 4A permission, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-4-b"><num>(b)</num><content>is not money that could be transferred to an authorised reclaim fund as mentioned in section 2<ref href="#section-2-1-a">(1)(a)</ref>, 5(1)(a), 8(1)(a), 14(1)(a) or 21<ref hre

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-5"><num>(5)</num><intro>The reference in subsection <ref href="#section-12-4-b">(4)(b)</ref> to money that could be transferred as mentioned in section 8<ref href="#section-8-1-a">(1)(a)</ref> includes money held

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-5-a"><num>(a)</num><content>is proceeds of the conversion by the investment institution of a collective scheme investment into a right to payment of an amount, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-5-b"><num>(b)</num><content>could, if it were held by an investment institution falling within section 8(3), be transferred as mentioned in section 8<ref href="#section-8-1-a">(1)(a)</ref>.</content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-6"><num>(6)</num><content>Client money held in a Lifetime ISA is excluded from subsection <ref href="#section-12-4">(4)</ref> if its transfer to an authorised reclaim fund would result in liability to pay a withd

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-7"><num>(7)</num><content>In subsections <ref href="#section-12-4">(4)</ref> and <ref href="#section-12-6">(6)</ref> “<term refersTo="#term-client-money" eId="term-client-money">client money</term>” means money h

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13"><num>13</num><heading>Meaning of “<term refersTo="#term-dormant" eId="term-dormant">dormant</term>” in relation to eligible client money</heading><subsection eId="section-13-1"><num>(1)</num><content>For the purpos

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-1"><num>(1)</num><content>For the purposes of this Act an amount of eligible client money is “dormant” at a particular time if the following condition is met at that time.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-2"><num>(2)</num><content>The condition is that the responsible institution regards the person to whom the amount is payable as having been gone-away throughout the preceding 6 years.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-3"><num>(3)</num><content>For the purposes of subsection <ref href="#section-13-2">(2)</ref> a responsible institution may regard a person as having been “gone-away” throughout a period if the responsible institu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-13-4"><num>(4)</num><intro>In this section “<term refersTo="#term-responsible-institution" eId="term-responsible-institution">responsible institution</term>” means the investment institution that is responsible, in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-a"><num>(a)</num><content>assessing whether a person has been gone-away for a period;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-13-4-b"><num>(b)</num><content>receiving communications as mentioned in subsection <ref href="#section-13-3">(3)</ref>.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-securities-assets"><heading>Securities assets</heading><section eId="section-14"><num>14</num><heading>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14"><num>14</num><heading>Transfer of eligible proceeds or distribution to reclaim fund</heading><subsection eId="section-14-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-1"><num>(1)</num><intro>This section applies where—</intro><level class="para1" eId="section-14-1-a"><num>(a)</num><content>a traded public company transfers to an authorised reclaim fund any dormant eligi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-1-a"><num>(a)</num><content>a traded public company transfers to an authorised reclaim fund any dormant eligible proceeds or distribution relating to a share in the company registered in the name of an i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-1-b"><num>(b)</num><content>the reclaim fund consents to the transfer.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-2"><num>(2)</num><intro>On the transfer of the eligible proceeds or distribution—</intro><level class="para1" eId="section-14-2-a"><num>(a)</num><intro>a person to whom the proceeds or distribution is paya

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-2-a"><num>(a)</num><intro>a person to whom the proceeds or distribution is payable immediately before the transfer—</intro><level class="para2" eId="section-14-2-a-i"><num>(i)</num><content>ceases

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-14-2-a-i"><num>(i)</num><content>ceases to have any right against the company to payment of the proceeds or distribution, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-14-2-a-ii"><num>(ii)</num><content>if the person is not the registered shareholder, has no right against the shareholder to payment of the proceeds or distribution, but</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-14-2-b"><num>(b)</num><content>that person acquires against the reclaim fund whatever right to payment of the proceeds or distribution the person would have had if the transfer had not happened.</conten

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-3"><num>(3)</num><intro>In this section and sections 15 and 16—</intro><hcontainer name="definition"><content>“<term refersTo="#term-share" eId="term-share">share</term>” has the meaning given by section 5

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“traded public company” is a public company (within the meaning of section 4(2) of the Companies Act 2006) whose shares are traded on a UK regulated market or a UK multilateral trading facility.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-14-4"><num>(4)</num><content>In subsection (3) “UK multilateral trading facility” and “UK regulated market” have the meanings given by paragraph 1 of article 2 of the <ref eId="c00002" href="http://www.legislation.g

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15"><num>15</num><heading>“Eligible proceeds or distribution”</heading><subsection eId="section-15-1"><num>(1)</num><intro>In this Act “<term refersTo="#term-eligible-proceeds-or-distribution" eId="term-eligible-procee

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-1"><num>(1)</num><intro>In this Act “<term refersTo="#term-eligible-proceeds-or-distribution" eId="term-eligible-proceeds-or-distribution">eligible proceeds or distribution</term>”, in relation to a share in a tr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-1-a"><num>(a)</num><content>an amount owing by virtue of a share in the company being converted into a right to payment of the price of the share at the time it was converted,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-1-b"><num>(b)</num><content>an amount owing as a cash distribution attributable to the share, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-1-c"><num>(c)</num><content>an amount owing by virtue of a corporate action in relation to the share for which the company is notified of the consideration,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-2"><num>(2)</num><content>An amount held in a Lifetime ISA is excluded from subsection <ref href="#section-15-1">(1)</ref> if its transfer to an authorised reclaim fund would result in liability to pay a withdraw

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-3"><num>(3)</num><intro>In subsection <ref href="#section-15-1-a">(1)(a)</ref> the reference to conversion of a share into a right to payment is a reference to conversion in accordance with—</intro><level cla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-3-a"><num>(a)</num><content>the company’s articles of association,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-3-b"><num>(b)</num><content>any contractual term applicable in relation to the share, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-15-3-c"><num>(c)</num><content>any other applicable provision authorising or requiring conversion of the share.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-4"><num>(4)</num><content>In relation to a time after a transfer has been made as mentioned in section 14<ref href="#section-14-1-a">(1)(a)</ref>, the adjustments referred to in subsection <ref href="#section-15-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-15-5"><num>(5)</num><content>In this section “distribution”, so far as relating to a share in a traded public company, has the meaning given by section 829 of the Companies Act 2006.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16"><num>16</num><heading>Meaning of “<term refersTo="#term-dormant" eId="term-dormant">dormant</term>” in relation to eligible proceeds or distribution</heading><subsection eId="section-16-1"><num>(1)</num><content>Th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-1"><num>(1)</num><content>This section sets out the meaning for the purposes of this Act of “<term refersTo="#term-dormant" eId="term-dormant">dormant</term>” in relation to the different kinds of eligible procee

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-2"><num>(2)</num><content>Eligible share conversion proceeds are, or an eligible distribution is, “dormant” at a particular time if, at that time, the traded public company concerned regards the relevant individu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-3"><num>(3)</num><intro>For the purposes of subsection <ref href="#section-16-2">(2)</ref>—</intro><level class="para1" eId="section-16-3-a"><num>(a)</num><content>the relevant individual is the individual

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-3-a"><num>(a)</num><content>the relevant individual is the individual in whose name the share was registered immediately before its conversion, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-3-b"><num>(b)</num><content>a company may regard an individual as “gone-away” throughout a period if it has received no communication from the individual (or any person acting on behalf of that individua

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-4"><num>(4)</num><intro>Eligible corporate action proceeds are “dormant” after a period of at least 12 years—</intro><level class="para1" eId="section-16-4-a"><num>(a)</num><content>beginning with the day

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-a"><num>(a)</num><content>beginning with the day on which the traded public company concerned is notified of the consideration in relation to the corporate action, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-16-4-b"><num>(b)</num><content>during which the proceeds have remained unclaimed.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-5"><num>(5)</num><content>Eligible corporate action proceeds relating to a share may also be treated as “dormant” at any time if they become money owing to a person after the transfer to an authorised reclaim fun

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-16-6"><num>(6)</num><intro>In this section, in relation to a share in a traded public company—</intro><hcontainer name="definition"><content>“<term refersTo="#term-eligible-corporate-action-proceeds" eId="ter

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-communication" eId="term-communication">communication</term>” includes an oral communication;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-miscellaneous-provisions-relating-to-transfers"><heading>Miscellaneous provisions relating to transfers

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17"><num>17</num><heading>Transfers: general</heading><subsection eId="section-17-1"><num>(1)</num><intro>A transfer of an amount to an authorised reclaim fund as mentioned in a transfer provision does not itself—<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-1"><num>(1)</num><intro>A transfer of an amount to an authorised reclaim fund as mentioned in a transfer provision does not itself—</intro><level class="para1" eId="section-17-1-a"><num>(a)</num><content>c

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-1-a"><num>(a)</num><content>constitute a breach of trust or fiduciary duty affecting the amount owing, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-17-1-b"><num>(b)</num><content>give rise to any liability of any kind (whether against the transferring institution, the reclaim fund or any other person involved), other than the liability of the reclaim f

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-2"><num>(2)</num><content>The reference in a transfer provision (however worded) to an amount owed to a person is to be read as including an amount owed to a deceased person immediately before their death.</c

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-3"><num>(3)</num><content>In such a case the reference in the corresponding extinguishing provision to a person to whom the amount is payable is to be read as a reference to the person to whom the right to paymen

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-4"><num>(4)</num><content>If, at any time after the acquisition of a right to payment of an amount by virtue of an extinguishing provision, a different person (“<term refersTo="#term-the-successor" eId="term-the-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-5"><num>(5)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-extinguishing-provision" eId="term-extinguishing-provision">extinguishing provision</term>” mea

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-mutual-insurer" eId="term-mutual-insurer">mutual insurer</term>” means—</intro><level class="para1"><num>(a)</num><content>a company registered under the Companies Act 2006

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(a)</num><content>an Act of Parliament,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>a friendly society within the meaning of the Friendly Societies Act 1992, or</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-lifetime-isa" eId="term-lifetime-isa">Lifetime ISA</term>” has the same meaning as in regulation 4(1ZB) of the Individual Savings Account Regulations 1998 (<ref eId="c00004" href

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-transfer" eId="term-transfer">transfer</term>” means a transfer as mentioned in section 1(1)(a) or 2(1)(a) of the 2008 Act or section 2(1)(a), 5(1)(a), 8(1)(a), 12(1)(a) or 14(1)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-1-crossheading-interpretation-of-part-1"><heading>Interpretation of Part 1</heading><section eId="section-18"><num>18<

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-18"><num>18</num><heading>Interpretation of Part 1</heading><intro>In this Part—</intro><hcontainer name="definition"><content>“<term refersTo="#term-communication" eId="term-communication">communication</term>”

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-industrial-assurance-policy" eId="term-industrial-assurance-policy">industrial assurance policy</term>” has the same meaning as it has in the FCA Handbook as in force when this A

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="part-2"><num>PART 2</num><heading>Other provisions</heading><hcontainer name="crossheading" ukl:Name="Pbloc

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-regulationmaking-powers"><heading>Regulation-making powers</heading><section eId="section-19"><num>19</

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19"><num>19</num><heading>Power to extend the dormant assets scheme to cover new dormant assets</heading><subsection eId="section-19-1"><num>(1)</num><intro>The Secretary of State or the Treasury may by regulations mak

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-1"><num>(1)</num><intro>The Secretary of State or the Treasury may by regulations make provision for, and in connection with, extending the scope of the dormant assets scheme by—</intro><level class="para1" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-1-a"><num>(a)</num><content>inserting an entry to the list in section 1<ref href="#section-1-6">(6)</ref> and making provision in Part 1 so as to provide for the operation of the scheme in relation to as

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-1-b"><num>(b)</num><content>amending provisions of the 2008 Act or of Part 1 of this Act which describe the assets covered by an entry in that list (and, if considered appropriate, amending that entry).<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-2"><num>(2)</num><intro>Provision made by virtue of subsection <ref href="#section-19-1-a">(1)(a)</ref>, in relation to assets of any description, must include (in addition to the new entry in section 1<ref href=

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-a"><num>(a)</num><intro>to the effect that transfer to an authorised reclaim fund of an amount owing to a person which is dormant results in—</intro><level class="para2" eId="section-19-2-a-i"><num

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-19-2-a-i"><num>(i)</num><content>the extinguishment of any right the person has to payment of the amount owing, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-19-2-a-ii"><num>(ii)</num><content>the person having a right against the reclaim fund to payment of an amount,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-b"><num>(b)</num><content>identifying when an amount is dormant, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-c"><num>(c)</num><content>identifying the amount to which the right against the reclaim fund as mentioned in paragraph <ref href="#section-19-2-a-ii">(a)(ii)</ref> relates,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-3"><num>(3)</num><intro>Regulations made by virtue of subsection <ref href="#section-19-1-a">(1)(a)</ref> or <ref href="#section-19-1-b">(b)</ref>—</intro><level class="para1" eId="section-19-3-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-3-a"><num>(a)</num><content>may frame a description of asset by reference to any characteristics of the asset, including the person owing the amount in question and the person to whom it is owed;</co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-3-b"><num>(b)</num><intro>may identify when an amount of a particular description is dormant by reference to any matters the maker of the regulations considers appropriate, which may be—</intro><leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-19-3-b-i"><num>(i)</num><content>matters relating to the asset, including the person owing the amount in question and the person to whom it is owed, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-19-3-b-ii"><num>(ii)</num><content>matters relating to any other asset from which that amount is derived (whether by virtue of provision made under subsection (4) or otherwise), including the institution ho

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-4"><num>(4)</num><content>Regulations under this section may also make provision for, and in connection with, enabling an institution of a specified description to convert an asset of a particular description whi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-5"><num>(5)</num><content>The powers conferred by subsection (4) are exercisable only in connection with provision made under subsection <ref href="#section-19-1-a">(1)(a)</ref> or <ref href="#section-19-1-b">(b)

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-6"><num>(6)</num><content>Provision under subsection (4) may provide for the description of asset concerned to be framed by reference to any characteristics of the asset, including the institution holding or prov

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-7"><num>(7)</num><intro>Provision under subsection (4) —</intro><level class="para1" eId="section-19-7-a"><num>(a)</num><content>must identify when an asset of the description concerned is dormant, and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-7-a"><num>(a)</num><content>must identify when an asset of the description concerned is dormant, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-7-b"><num>(b)</num><content>may do so by reference to any matters the maker of the regulations considers appropriate, including matters relating to the asset, the institution holding or providing it or i

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-8"><num>(8)</num><content>In making provision under subsection <ref href="#section-19-7">(7)</ref> the maker of the regulations must have regard to the definitions of “dormant” applying to the various assets with

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-9"><num>(9)</num><intro>Regulations under this section may not—</intro><level class="para1" eId="section-19-9-a"><num>(a)</num><content>exclude any assets from the dormant assets scheme that are within its

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-9-a"><num>(a)</num><content>exclude any assets from the dormant assets scheme that are within its scope on the passing of this Act, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-9-b"><num>(b)</num><content>alter the definitions of dormancy, as they apply to assets within the scope of the dormant assets scheme at that time.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-10"><num>(10)</num><content>Regulations under this section are subject to draft affirmative procedure.</content></subsection>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-alternative-scheme-for-smaller-banks-and-bu

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-20"><num>20</num><heading>Return of surplus alternative scheme assets</heading><content><mod>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-unwanted-assets-consisting-of-a-right-to-payment"><heading>Unwanted assets consisting of a right to pay

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21"><num>21</num><heading>Unwanted assets</heading><subsection eId="section-21-1"><num>(1)</num><intro>This section applies to a person who has a right to payment of any of the following amounts—</intro><level clas

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-1"><num>(1)</num><intro>This section applies to a person who has a right to payment of any of the following amounts—</intro><level class="para1" eId="section-21-1-a"><num>(a)</num><content>the balance of a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-1-a"><num>(a)</num><content>the balance of a bank or building society account (see section 8 of the 2008 Act);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-1-b"><num>(b)</num><content>eligible insurance proceeds;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-1-c"><num>(c)</num><content>eligible pension benefits;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-1-d"><num>(d)</num><content>an amount owing by virtue of a collective scheme investment;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-1-e"><num>(e)</num><content>eligible client money;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-1-f"><num>(f)</num><content>eligible proceeds or distribution.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-2"><num>(2)</num><intro>Where—</intro><level class="para1" eId="section-21-2-a"><num>(a)</num><intro>a person to whom this section applies—</intro><level class="para2" eId="section-21-2-a-i"><num>(i)</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-2-a"><num>(a)</num><intro>a person to whom this section applies—</intro><level class="para2" eId="section-21-2-a-i"><num>(i)</num><content>has informed the institution owing the amount that the pe

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-21-2-a-i"><num>(i)</num><content>has informed the institution owing the amount that the person wishes the amount owing, or part of it, to be transferred to an authorised reclaim fund instead of being paid t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-21-2-a-ii"><num>(ii)</num><content>has made a declaration that no third party has any right in or over the amount,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-2-b"><num>(b)</num><content>the institution transfers the amount, or the relevant part of it, to an authorised reclaim fund, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-21-2-c"><num>(c)</num><content>the reclaim fund consents to the transfer,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-3"><num>(3)</num><content>If the amount is owed to more than one person, subsection (2) applies as if the reference to a person were a reference to all of them (whether acting together or separately).</conten

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21-4"><num>(4)</num><content>In this section, “<term refersTo="#term-third-party" eId="term-third-party">third party</term>” means a person other than the institution owing the amount or a person to whom the amount

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="part-2-crossheading-provisions-applicable-to-more-than-one-scheme"><heading>Provisions applicable to more than one scheme</

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22"><num>22</num><heading>Third party rights and interests</heading><subsection eId="section-22-1"><num>(1)</num><content>A third party who, immediately before a transfer to an authorised reclaim fund, had a right or a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-1"><num>(1)</num><content>A third party who, immediately before a transfer to an authorised reclaim fund, had a right or an interest in or over an asset that was extinguished as a result of the transfer has (in p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-2"><num>(2)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-third-party" eId="term-third-party">third party</term>” means a person other than the reclaim f

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-3"><num>(3)</num><content>This section does not apply to transfers mentioned in section 1(1)(a) or 2(1)(a) of the 2008 Act which are made before this section comes into force (but nothing in this section is to be

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23"><num>23</num><heading>Arrangements between reclaim fund and institutions</heading><subsection eId="section-23-1"><num>(1)</num><content>An authorised reclaim fund may only accept transfers of any description from a

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-1"><num>(1)</num><content>An authorised reclaim fund may only accept transfers of any description from an institution if the reclaim fund has made contractual or other arrangements with the institution that the r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-2"><num>(2)</num><content>The arrangements must include provision requiring the taking of steps by the institution, whether before or after a transfer is made, for reuniting assets with their owners.</content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-3"><num>(3)</num><intro>The steps required must consist of or include steps to be taken (subject to any exceptions of the kind mentioned in subsection <ref href="#section-23-5-a">(5)(a)</ref>) before a transfer i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-a"><num>(a)</num><content>the person whose right to payment (or right to direct payment) would be extinguished by the transfer;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-b"><num>(b)</num><content>where the asset to be transferred is the proceeds of another asset, the owner or beneficiary of that other asset.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-4"><num>(4)</num><content>Subsections <ref href="#section-23-2">(2)</ref> and <ref href="#section-23-3">(3)</ref> do not apply in relation to transfers made by virtue of section 21<ref href="#section-21-2-b">(2)(

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-5"><num>(5)</num><intro>The arrangements may, in particular—</intro><level class="para1" eId="section-23-5-a"><num>(a)</num><content>provide for exceptions from any requirement to take steps to trace, and

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-5-a"><num>(a)</num><content>provide for exceptions from any requirement to take steps to trace, and verify the identity of, a person mentioned in subsection <ref href="#section-23-3-a">(3)(a)</ref> or <r

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-5-b"><num>(b)</num><content>provide for the institution to act as the reclaim fund’s agent for particular purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-5-c"><num>(c)</num><content>specify circumstances in which the reclaim fund is to be taken to have consented to a transfer;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-5-d"><num>(d)</num><content>make different provision for different cases or circumstances.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-6"><num>(6)</num><content>Any exception agreed under subsection <ref href="#section-23-5-a">(5)(a)</ref> must relate to circumstances in which it is considered disproportionate, or otherwise unnecessary, for the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-7"><num>(7)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-institution" eId="term-institution">institution</term>” means an institution which is by virtue

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-repayment-claim" eId="term-repayment-claim">repayment claim</term>” means a claim against an authorised reclaim fund relating to a right to payment arising as mentioned in sectio

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24"><num>24</num><heading>Effect of insolvency etc of institutions</heading><subsection eId="section-24-1"><num>(1)</num><intro>Subsection (2) applies where, after a person has acquired a right to payment against an au

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-1"><num>(1)</num><intro>Subsection (2) applies where, after a person has acquired a right to payment against an authorised reclaim fund by virtue of section 1(2)(b) or 2(2)(b) of the 2008 Act or section 2(2)(b),

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-1-a"><num>(a)</num><content>the institution against whom the person had a right to payment before it was replaced by the acquired right is dissolved or wound up; or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-1-b"><num>(b)</num><content>for any other reason the liability that the institution would have had to the person in relation to the replaced right (but for the transfer to the reclaim fund) is altered.</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-2"><num>(2)</num><content>The person’s right to payment is limited to the amount that would (but for the transfer to the reclaim fund) be recoverable by the person in respect of the replaced right, whether from t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-3"><num>(3)</num><content>If at any time after the acquisition of the right to payment a different person (“<term refersTo="#term-the-successor" eId="term-the-successor">the successor</term>”) has assumed respons

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25"><num>25</num><heading>Disclosure of information</heading><subsection eId="section-25-1"><num>(1)</num><content>Nothing in this Act or the 2008 Act requires or authorises a disclosure of information that would contr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-1"><num>(1)</num><content>Nothing in this Act or the 2008 Act requires or authorises a disclosure of information that would contravene the data protection legislation (but in determining whether a disclosure woul

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-2"><num>(2)</num><content>Otherwise, no obligation as to secrecy or other restriction on disclosure (however imposed) prevents a participating institution from giving an authorised reclaim fund any information ne

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-3"><num>(3)</num><intro>In this section —</intro><hcontainer name="definition"><content>“<term refersTo="#term-the-data-protection-legislation" eId="term-the-data-protection-legislation">the data protectio

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>an Act of the Scottish Parliament,</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26"><num>26</num><heading>Meaning of “authorised reclaim fund”</heading><subsection eId="section-26-1"><num>(1)</num><intro>In this Act and the 2008 Act “<term refersTo="#term-authorised-reclaim-fund" eId="term-authori

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-1"><num>(1)</num><intro>In this Act and the 2008 Act “<term refersTo="#term-authorised-reclaim-fund" eId="term-authorised-reclaim-fund">authorised reclaim fund</term>”, in relation to a transfer of an amount as m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-1-a"><num>(a)</num><content>a reclaim fund to which this subsection applies, in relation to a transfer of the kind in question, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-1-b"><num>(b)</num><content>authorised for the purposes of the Financial Services and Markets Act 2000 to carry on activities of a reclaim fund.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-2"><num>(2)</num><content>Subsection (1) applies to Reclaim Fund Ltd (registered company 07344884) in relation to all transfers mentioned in subsection (1).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-3"><num>(3)</num><intro>The Treasury may by regulations made by statutory instrument amend subsection (2) for the purpose of—</intro><level class="para1" eId="section-26-3-a"><num>(a)</num><content>adding,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-3-a"><num>(a)</num><content>adding, substituting or removing a reference to a reclaim fund, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-26-3-b"><num>(b)</num><content>providing for the kinds of transfer in respect of which a reclaim fund named in that subsection is an authorised reclaim fund.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-4"><num>(4)</num><content>Regulations under subsection (3) are subject to draft affirmative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27"><num>27</num><heading>Treasury loans</heading><subsection eId="section-27-1"><num>(1)</num><content>Any loan made by the Treasury to, or in respect of, an authorised reclaim fund in the circumstances mentioned in s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-1"><num>(1)</num><content>Any loan made by the Treasury to, or in respect of, an authorised reclaim fund in the circumstances mentioned in subsection (2) is to be made out of money provided by Parliament.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-2"><num>(2)</num><content>The circumstances are that the Treasury consider that, unless the loan is made, the reclaim fund is or is likely to become unable to meet its liabilities.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28"><num>28</num><heading>Exclusion of repayment claims from financial services compensation sch

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-1"><num>(1)</num><content>In consequence of section 27, the Financial Services and Markets Act 2000 (Financial Services Compensation Scheme) Order 2013 (<ref eId="c00006" href="http://www.legislation.gov.uk/id/uk

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-2"><num>(2)</num><content>In article 2 (cases in which rules may be made by the PRA), omit paragraph (1)(a)(ii) (and the “and” preceding it).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-28-3"><num>(3)</num><intro>In article 3 (cases in which rules may be made by the FCA)—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-28-3-a"><num>(a)</num><content>the words from “those claims” to the end become paragraph (a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-28-3-b"><num>(b)</num><content><mod>at the end insert <quotedText startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28-4"><num>(4)</num><content>The claims against an authorised reclaim fund excluded from the financial services compensation scheme by virtue of this section include any repayment claim relating to a right to paymen

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-29"><num>29</num><heading>Distribution of dormant assets money for meeting English expenditure</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-29-1"><num>(1)</num><content><mod>After section 18 of the 2008 Act (distribution of money

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-2"><num>(2)</num><intro>At the time specified in subsection (3)—</intro><level class="para1" eId="section-29-2-a"><num>(a)</num><content>section 18 of that Act is repealed;</content></level><level clas

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-a"><num>(a)</num><content>section 18 of that Act is repealed;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-b"><num>(b)</num><content><mod>in section 22(6)(b) of that Act (directions) omit “section 18 or” and after “under section” insert <quotedText>“18A,”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-3"><num>(3)</num><intro>Subsection <ref href="#section-29-2">(2)</ref> takes effect when—</intro><level class="para1" eId="section-29-3-a"><num>(a)</num><content>any restriction imposed under section 18A(1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-a"><num>(a)</num><content>any restriction imposed under section 18A(1)(a) of that Act comes into force, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-b"><num>(b)</num><content>the provision mentioned in section 18A(1)(b) of that Act comes into force,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-4"><num>(4)</num><content>The power to make transitional or saving provision under section 18A<ref href="#d25e3246">(2)</ref> of that Act includes power to make such provision in connection with the provision mad

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30"><num>30</num><heading>Periodic review and report to Parliament</heading><subsection eId="section-30-1"><num>(1)</num><intro>The Secretary of State must carry out periodic reviews of the following matters—</intr

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-1"><num>(1)</num><intro>The Secretary of State must carry out periodic reviews of the following matters—</intro><level class="para1" eId="section-30-1-a"><num>(a)</num><content>the operation of the dormant

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-1-a"><num>(a)</num><content>the operation of the dormant assets scheme and the alternative scheme under section 2 of the 2008 Act during the period to which the review relates;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-1-b"><num>(b)</num><content>the effectiveness of the steps taken during that period (by institutions holding or providing assets within the scope of the dormant assets scheme or the alternative scheme) t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-1-c"><num>(c)</num><content>any use made of the powers conferred by section 19 during that period;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-1-d"><num>(d)</num><content>any use that may be made of those powers after that period.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-2"><num>(2)</num><intro>In reviewing the matters described in subsection <ref href="#section-30-1-a">(1)(a)</ref> the Secretary of State must consider—</intro><level class="para1" eId="section-30-2-a"><num>(a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-a"><num>(a)</num><content>how many institutions have made transfers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-b"><num>(b)</num><content>how much money has been transferred;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-c"><num>(c)</num><content>the effectiveness of the arrangements made with institutions for meeting repayment claims.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-3"><num>(3)</num><intro>The steps referred to in subsection <ref href="#section-30-1-b">(1)(b)</ref> include anything done with a view to tracing, and verifying the identity of, either (or both) of the following,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-3-a"><num>(a)</num><content>the person whose right to payment (or right to direct payment) is or would be extinguished by a transfer;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-3-b"><num>(b)</num><content>where the asset is the proceeds of another asset, the owner or beneficiary of that other asset (before its conversion into proceeds).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-4"><num>(4)</num><intro>In subsections <ref href="#section-30-2">(2)</ref> and <ref href="#section-30-3">(3)</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-transfer" eId="term-

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-5"><num>(5)</num><content>The matters within the scope of a review do not include the regulation by the Financial Conduct Authority of an authorised reclaim fund or any other institution.</content></subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-6"><num>(6)</num><intro>The Secretary of State must—</intro><level class="para1" eId="section-30-6-a"><num>(a)</num><content>make arrangements to enable anyone with an interest in any aspect of a review to

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-6-a"><num>(a)</num><content>make arrangements to enable anyone with an interest in any aspect of a review to make representations,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-6-b"><num>(b)</num><content>consider all representations received, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-6-c"><num>(c)</num><content>set out the results and conclusions of the review in a report and lay it before Parliament.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-7"><num>(7)</num><intro>The report of a review must also include—</intro><level class="para1" eId="section-30-7-a"><num>(a)</num><content>information about the uses made by any authorised reclaim fund of i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-7-a"><num>(a)</num><content>information about the uses made by any authorised reclaim fund of its financial resources during such period as the Secretary of State considers appropriate,</content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-7-b"><num>(b)</num><content>information about the uses made of dormant assets money for meeting English expenditure during such period as the Secretary of State considers appropriate,</content></leve

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-7-c"><num>(c)</num><content>the text of any directions given by the Secretary of State under section 22 of the 2008 Act which have effect during the period mentioned in paragraph <ref href="#section-30-7

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-7-d"><num>(d)</num><intro>information about any policy and practice in relation to the additionality principle of—</intro><level class="para2" eId="section-30-7-d-i"><num>(i)</num><content>the bod

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-7-d-i"><num>(i)</num><content>the body or bodies specified in section 16(1) of the 2008 Act, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-7-d-ii"><num>(ii)</num><content>the Secretary of State, in exercising functions under Part 2 of that Act.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-8"><num>(8)</num><content>The report of a review may include information about the uses made of dormant assets money for meeting Welsh expenditure, Scottish expenditure or Northern Ireland expenditure during such

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-9"><num>(9)</num><intro>In this section—</intro><level class="para1" eId="section-30-9-a"><num>(a)</num><content>“the additionality principle” is the principle that dormant assets money should be used to f

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-9-a"><num>(a)</num><content>“the additionality principle” is the principle that dormant assets money should be used to fund projects, or aspects of projects, for which funds would be unlikely to be made

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-9-b"><num>(b)</num><content>“<term refersTo="#term-dormant-assets-money" eId="term-dormant-assets-money">dormant assets money</term>”, “<term refersTo="#term-english-expenditure" eId="term-english-expend

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-10"><num>(10)</num><content>The first report under this section must be laid no more than 3 years after the day on which this Act is passed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-11"><num>(11)</num><content>Any subsequent report must be laid no more than 5 years after the day on which the previous report was laid.</content></subsection>

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="part-3"><num>PART 3</num><heading>Final provisions</heading><section eId="section-31"><num>31</num><heading>Regulations: general</heading><subsection eId="section-31-1

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31"><num>31</num><heading>Regulations: general</heading><subsection eId="section-31-1"><num>(1)</num><content>Regulations under this Act are to be made by statutory instrument.</content></subsection><subsection eId

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-1"><num>(1)</num><content>Regulations under this Act are to be made by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-2"><num>(2)</num><intro>The power to make regulations under this Act includes power—</intro><level class="para1" eId="section-31-2-a"><num>(a)</num><content>to make different provision for different purpos

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-2-a"><num>(a)</num><content>to make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-31-2-b"><num>(b)</num><content>to make incidental, supplemental, consequential, saving or transitional provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-3"><num>(3)</num><content>The provision which may be made under subsection <ref href="#section-31-2-b">(2)(b)</ref> includes provision modifying primary legislation.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-4"><num>(4)</num><intro>In subsection <ref href="#section-31-3">(3)</ref>—</intro><hcontainer name="definition"><content>“<term refersTo="#term-modify" eId="term-modify">modify</term>” includes amend, repe

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><intro>“<term refersTo="#term-primary-legislation" eId="term-primary-legislation">primary legislation</term>” means—</intro><level class="para1"><num>(a)</num><content>an Act of Parliament,</content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote">Section 32(3)<

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e3858"><heading>Building Societies (Accounts and Related Provisions) Regulations 1998 (<ref eId="c00007" href="http://www.legislation.gov.uk/id/uksi/1998/504">SI 1998/504</ref>)</headin

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-share-or-unit-conversion-proceeds" eId="term-share-or-unit-conversion-proceeds">share or unit conversion proceeds</term>” means an amount owing to a person by virtue of a convers

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-1-paragraph-2-1"><num>(1)</num><content>Part 24 of FSMA 2000 (insolvency) is amended as follows.</content></subparagraph><subparagraph eId=

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><content>The 2008 Act is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-1-paragraph-6-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-1-paragraph-7-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-1-paragraph-8-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><intro>In section 6 (interpretation of Part 1)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-9-a"><num>(a)</num><content>omit the definition of “authorised”;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-9-b"><num>(b)</num><content><mod>after ““dormant”” insert <quotedText>“(except in the term “dormant assets funds”)”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-1-paragraph-9-c"><num>(c)</num><content><mod>after the definition of “reclaim fu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><content><mod>In section 13 (banks making section 2 transfers: information in directors reports), in subsection (1)(b), at the end insert <quotedText>“or a transfer requ

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-11" class="schProv1"><num>11</num><content><mod>For the heading to Part 2 substitute <quotedText>“DISTRIBUTION OF DORMANT ASSETS MONEY”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><num>(1)</num><intro>In—</intro><level class="para1" eId="schedule-1-paragraph-12-1-a"><num>(a)</num><content>the he

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-13" class="schProv1"><num>13</num><intro>In section 16 (distribution of dormant assets money by Big Lottery Fund) in subsection (2)—</intro><level class="para1" eId="schedule-1-paragraph-13-a"><num>(

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-13-a"><num>(a)</num><content><mod>for “the object” substitute <quotedText>“any of the objects”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-13-b"><num>(b)</num><content><mod>after “5(1)(c)” insert <quotedText>“to (cb)”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-14" class="schProv1"><num>14</num><intro>In section 24 (power to add or remove distributors), in subsection (4)—</intro><level class="para1" eId="schedule-1-paragraph-14-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-14-a"><num>(a)</num><content><mod>for “the object” substitute <quotedText>“any of the objects”</quotedText>;</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-14-b"><num>(b)</num><content><mod>after “5(1)(c)” insert <quotedText>“to (cb)”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-15" class="schProv1"><num>15</num><content><mod>In section 26 (expenses), in subsections (3)(b), (6), (8) and (10) after “this Act” insert <quotedText>“or the Dormant Assets Act 2022”</quotedText>.</mod>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-1-paragraph-16-1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e3878"><heading>Financial Services and Markets Act <ref eId="c00008" href="http://www.legislation.gov.uk/id/ukpga/2000/8">2000 (c. 8)</ref></heading><paragraph eId="schedule-1-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e3913"><heading>Financial Services and Markets Act 2000 (Reg

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7"><heading>Open-Ended Investment Companies Regulations 2001 (<ref eId=

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content><mod>In regulation 33 of the Open-End

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-18" class="schProv1"><num>18</num><content><mod>In article 2 of the Distribution of Dormant Account Money (Apportionment) Order 2011 (interpretation), for “dormant account money” substitute <quotedText>“

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e4047"><heading>Open-Ended Investment Companies Regulations

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="d25e4068"><heading>Dormant Bank and Building Society Accounts A

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7"><heading>Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (<ref eId="c00012" href="http://www.legislation.gov.uk/id/uksi/2009/317">SI 2009/317</ref>)</heading><paragraph eId

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-17" class="schProv1"><num>17</num><content>In the Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009, omit article 7 (Dormant Bank and Building Society Accounts Act 2008).</content>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e4630"><heading>Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (<ref eId="c00012" href="http://www.legislation.gov.uk/id/uksi/2009/317">SI 2009/317</ref>)</heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7" eId="d25e4644"><heading>Distribution of Dormant Account Money (Apportionment) Order 2011 (<ref eId="c00013" href="http://www.legislation.gov.uk/id/uksi/2011/1799">SI 2011/1799</ref>)</heading><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:default="http://www.w3.org/1999/xhtml" xmlns:fo="http://www.w3.org/1999/XSL/Format" name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="refere

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-5"><num>(5)</num><content>Where regulations under this Act are subject to draft affirmative procedure, the regulations may not be made unless a draft of the statutory instrument containing them has been laid befo

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-6"><num>(6)</num><content>This section does not apply to commencement regulations under section 34.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32"><num>32</num><heading>Repeals in the 2008 Act and other minor or consequential amendments</heading><subsection eId="section-32-1"><num>(1)</num><content

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32-1"><num>(1)</num><content>The following provisions of the 2008 Act are repealed—<blockList class="unordered none" ukl:Name="UnorderedList" ukl:

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-2"><num>(2)</num><content>The repeal of section 11 does not affect its continued operation in relation to a right to payment acquired by virtue of section 1(2)(b) or 2(2)(b) of the 2008 Act before the repeal come

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-3"><num>(3)</num><content>Schedule 1 contains minor and consequential amendments.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33"><num>33</num><heading>Index of defined terms</heading><content>Schedule 2 sets out expressions defined or explained by this Act for the purposes of more than one section.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34"><num>34</num><heading>Extent, commencement, construction as one with 2008 Act and citation</heading><subsection eId="section-34-1"><num>(1)</num><content>This Act extends to England and Wales, Scotland and Northern

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-1"><num>(1)</num><content>This Act extends to England and Wales, Scotland and Northern Ireland.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-2"><num>(2)</num><content>This section comes into force on the day on which this Act is passed.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-3"><num>(3)</num><content>The other provisions of this Act come into force on such day as the Secretary of State may by regulations made by statutory instrument appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-4"><num>(4)</num><intro>Regulations under subsection (3) may—</intro><level class="para1" eId="section-34-4-a"><num>(a)</num><content>appoint different days for different purposes;</content></level><le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-4-a"><num>(a)</num><content>appoint different days for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-4-b"><num>(b)</num><content>make transitional or saving provision in connection with the coming into force of any provision of this Act.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-5"><num>(5)</num><content>This Act and the 2008 Act are to be construed as one.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-6"><num>(6)</num><content>This Act may be cited as the Dormant Assets Act 2022.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-7"><num>(7)</num><content>This Act and the 2008 Act may be cited together as the Dormant Assets Acts 2008 to 2022.</content></subsection>

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