(1) This section applies where -

(a) an investment institution transfers to an authorised reclaim fund an amount of dormant eligible client money owing to a person, and

(b) the reclaim fund consents to the transfer.

(2) On the transfer of the amount -

(a) a person to whom the amount is payable immediately before the transfer ceases to have any right against any investment institution to payment of the amount, but

(b) that person acquires against the reclaim fund whatever right to payment of the amount the person would have had against the institution if the transfer had not happened.