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The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009

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Dormant Bank and Building Society Accounts Act 2008

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7.  (1)  This article applies to a reclaim fund established under the Dormant Bank and Building Society Accounts Act 2008(1) if, under sections 1 or 2 of that Act, the balance of a customer’s dormant account is transferred into that reclaim fund from a bank which is a bank within the meaning of section 91 of the 2009 Act.

(2) Where that reclaim fund is unable, or likely to be unable, to satisfy a claim against it, the fact that it ceases to be authorised does not prevent the operation of the Financial Services Compensation Scheme under section 213 of the Financial Services and Markets Act 2000 in respect of it; and for that purpose, the reclaim fund is a relevant person within the meaning of section 213(9), despite the lapse of authorisation.

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