Sections 22-25: Provisions applicable to more than one scheme Section 24: Effect of insolvency etc. of institutions
This section sets out the effect of insolvency of a participant on an owner's right to reclaim.
	An authorised reclaim fund is liable for meeting reclaims for assets transferred by a participant, even if that participant becomes insolvent or winds up. However, a person's right to payment is limited to the amount they would have received from the participant in its insolvency (i.e. what would have happened had the transfer not occurred). This may result in the owner's entitlement being reduced or even valued at nil.
	Any right to payment arising under section 11 of the 2008 Act (a customer's rights preserved on insolvency etc. of a bank or building society) continues to apply to rights acquired before this section comes into force.