Dormant Assets Act 2022
PART 1The dormant assets scheme
Introduction
1The dormant assets scheme: overview
Long-term insurance assets
2Transfer of eligible insurance proceeds to reclaim fund
3“Eligible insurance proceeds”
4Meaning of “dormant” in relation to eligible insurance proceeds
Pension assets
5Transfer of eligible pension benefits to reclaim fund
6“Eligible pension benefits”
7Meaning of “dormant” in relation to eligible pension benefits
Investment assets
8Transfer of eligible amount owing by virtue of a collective scheme investment to reclaim fund
9“Eligible amount owing by virtue of a collective scheme investment”
10Meaning of “dormant” in relation to eligible amount owing by virtue of a collective scheme investment
11Meaning of “reclaim amount” in relation to an eligible amount owing by virtue of a collective scheme investment
Client money assets
12Transfer of eligible client money to reclaim fund
13Meaning of “dormant” in relation to eligible client money
Securities assets
14Transfer of eligible proceeds or distribution to reclaim fund
15“Eligible proceeds or distribution”
16Meaning of “dormant” in relation to eligible proceeds or distribution
Miscellaneous provisions relating to transfers
17Transfers: general
Interpretation of Part 1
18Interpretation of Part 1
PART 2Other provisions
Regulation-making powers
19Power to extend the dormant assets scheme to cover new dormant assets
Alternative scheme for smaller banks and building societies
20Return of surplus alternative scheme assets
Unwanted assets consisting of a right to payment
21Unwanted assets
Provisions applicable to more than one scheme
22Third party rights and interests
23Arrangements between reclaim fund and institutions
24Effect of insolvency etc of institutions
25Disclosure of information
Provisions relating to more than one scheme
26Meaning of “authorised reclaim fund”
27Treasury loans
28Exclusion of repayment claims from financial services compensation scheme
Distribution of dormant assets money
29Distribution of dormant assets money for meeting English expenditure
30Periodic review and report to Parliament
PART 3Final provisions
31Regulations: general
32Repeals in the 2008 Act and other minor or consequential amendments
33Index of defined terms
34Extent, commencement, construction as one with 2008 Act and citation
SCHEDULES
SCHEDULE 1Minor and consequential amendments
1Building Societies (Accounts and Related Provisions) Regulations 1998 (SI 1998/504)
2Financial Services and Markets Act 2000 (c. 8)
3Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544)
4Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)
5Dormant Bank and Building Society Accounts Act 2008 (c. 31)
6(1) In section 1 (transfer of balances to reclaim fund),...
7(1) In section 2 (transfer of balances to charities, with...
8(1) Section 5 (objects of a reclaim fund) is amended...
9In section 6 (interpretation of Part 1)—
10In section 13 (banks making section 2 transfers: information in...
11For the heading to Part 2 substitute “DISTRIBUTION OF DORMANT...
12(1) In— (a) the headings to sections 16 and 17,...
13In section 16 (distribution of dormant assets money by Big...
14In section 24 (power to add or remove distributors), in...
15In section 26 (expenses), in subsections (3)(b), (6), (8) and...
16(1) Schedule 1 (provision to be made in articles of...
17Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (SI 2009/317)
18Distribution of Dormant Account Money (Apportionment) Order 2011 (SI 2011/1799)
SCHEDULE 2Index of defined expressions

Dormant Assets Act 2022

2022 Chapter 5

An Act to make provision for and in connection with an expanded dormant assets scheme; to confer power to further expand the scope of that scheme; to amend the Dormant Bank and Building Society Accounts Act 2008; to enable an authorised reclaim fund to accept transfers of certain unwanted assets; and for connected purposes.

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—