Dormant Assets Act 2022

1. Introductory Text

2. PART 1 The dormant assets scheme

   1. Introduction

      1. 1. The dormant assets scheme: overview

   2. Long-term insurance assets

      1. 2. Transfer of eligible insurance proceeds to reclaim fund

      2. 3. “Eligible insurance proceeds”

      3. 4. Meaning of “dormant” in relation to eligible insurance proceeds

   3. Pension assets

      1. 5. Transfer of eligible pension benefits to reclaim fund

      2. 6. “Eligible pension benefits”

      3. 7. Meaning of “dormant” in relation to eligible pension benefits

   4. Investment assets

      1. 8. Transfer of eligible amount owing by virtue of a collective scheme investment to reclaim fund

      2. 9. “Eligible amount owing by virtue of a collective scheme investment”

      3. 10. Meaning of “dormant” in relation to eligible amount owing by virtue of a collective scheme investment

      4. 11. Meaning of “reclaim amount” in relation to an eligible amount owing by virtue of a collective scheme investment

   5. Client money assets

      1. 12. Transfer of eligible client money to reclaim fund

      2. 13. Meaning of “dormant” in relation to eligible client money

   6. Securities assets

      1. 14. Transfer of eligible proceeds or distribution to reclaim fund

      2. 15. “Eligible proceeds or distribution”

      3. 16. Meaning of “dormant” in relation to eligible proceeds or distribution

   7. Miscellaneous provisions relating to transfers

      1. 17. Transfers: general

   8. Interpretation of Part 1

      1. 18. Interpretation of Part 1

3. PART 2 Other provisions

   1. Regulation-making powers

      1. 19. Power to extend the dormant assets scheme to cover new dormant assets

   2. Alternative scheme for smaller banks and building societies

      1. 20. Return of surplus alternative scheme assets

   3. Unwanted assets consisting of a right to payment

      1. 21. Unwanted assets

   4. Provisions applicable to more than one scheme

      1. 22. Third party rights and interests

      2. 23. Arrangements between reclaim fund and institutions

      3. 24. Effect of insolvency etc of institutions

      4. 25. Disclosure of information

   5. Provisions relating to more than one scheme

      1. 26. Meaning of “authorised reclaim fund”

      2. 27. Treasury loans

      3. 28. Exclusion of repayment claims from financial services compensation scheme

   6. Distribution of dormant assets money

      1. 29. Distribution of dormant assets money for meeting English expenditure

      2. 30. Periodic review and report to Parliament

4. PART 3 Final provisions

   1. 31. Regulations: general

   2. 32. Repeals in the 2008 Act and other minor or consequential amendments

   3. 33. Index of defined terms

   4. 34. Extent, commencement, construction as one with 2008 Act and citation

5. SCHEDULES

   1. SCHEDULE 1

      Minor and consequential amendments

      1. 1. Building Societies (Accounts and Related Provisions) Regulations 1998 (SI 1998/504)

      2. 2. Financial Services and Markets Act 2000 (c. 8)

      3. 3. Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544)

      4. 4. Open-Ended Investment Companies Regulations 2001 (SI 2001/1228)

      5. 5. Dormant Bank and Building Society Accounts Act 2008 (c. 31)

      6. 6. (1) In section 1 (transfer of balances to reclaim fund),...

      7. 7. (1) In section 2 (transfer of balances to charities, with...

      8. 8. (1) Section 5 (objects of a reclaim fund) is amended...

      9. 9. In section 6 (interpretation of Part 1)—

      10. 10. In section 13 (banks making section 2 transfers: information in...

      11. 11. For the heading to Part 2 substitute “DISTRIBUTION OF DORMANT...

      12. 12. (1) In— (a) the headings to sections 16 and 17,...

      13. 13. In section 16 (distribution of dormant assets money by Big...

      14. 14. In section 24 (power to add or remove distributors), in...

      15. 15. In section 26 (expenses), in subsections (3)(b), (6), (8) and...

      16. 16. (1) Schedule 1 (provision to be made in articles of...

      17. 17. Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (SI 2009/317)

      18. 18. Distribution of Dormant Account Money (Apportionment) Order 2011 (SI 2011/1799)

   2. SCHEDULE 2

      Index of defined expressions