Sections 12-13: Client money assets Section 12: Transfer of eligible client money to reclaim fund
This section provides that an investment institution can transfer dormant client money to an authorised reclaim fund, if the latter consents to it. Upon the transfer, the owner no longer has the right to payment of the money against any investment institution, but rather has that right against the reclaim fund.
	If that person has died, whoever the right to payment from the investment institution would have passed on to has the right to payment from the reclaim fund.
	Subsection (4) specifies that money that could be transferred to the reclaim fund under any other provision in Part 1 (or under provisions for unwanted assets) cannot be defined as eligible client money. It also excludes share or unit conversion proceeds from collective scheme investments from being defined as eligible client money, even if the investment institution holding it is not in scope of section 8.
	Subsection (5) specifies that client money held in a Lifetime ISA is excluded if its transfer to the reclaim fund would result in liability to pay a withdrawal charge to HMRC.
	This section also defines the type of investment institutions that are and are not eligible to participate in the Scheme in relation to client money.