June 10th, 2016
Assets Recovered is a primary research partner and playing a key role in an industry-wide project being undertaken to scope and find a solution for dormant and unclaimed assets in the Investment Management sector. The project is also supported by leading professional firms and industry bodies, including EY, international law firm Eversheds, The Investment Association and the Wealth Management Association. The regulator, the Financial Conduct Authority, also knows about and supports the research. Jane Moore, Manager of CASS Policy at the FCA stated:
"The FCA welcomes initiatives aimed at increasing industry's understanding of the scope of policy, legal and operational issues in unclaimed and dormant assets and of the scale of the problem. We also welcome inititatives aimed at resolving and returning unclaimed or dormant assets to their owners and preventing further assets from becoming unclaimed or dormant."
AR provides an efficient, cost effective solution to enable companies to re-establish contact with “gone away” customers or shareholders, clear current Unclaimed Assets and prevent future build up.
What are Unclaimed Assets?
Unclaimed assets are any personal or company owned assets held by a company or the government, which have been “forgotten” or are simply “unknown” to the rightful owners. These include insurance entitlements, pensions, tax incentivised savings, investment accounts, shares, dividends, proceeds from corporate actions, bank or building society accounts and many other financial assets.
Assets generally become unclaimed because:
- People do not keep financial institutions informed of changes to their circumstance, such as when moving home.
- They forget the asset, such as an occupational pension scheme, after they move jobs.
- People are simply unaware of the asset, such as the proceeds from a lapsed endowment savings plan after the related mortgage has been paid off after a house sale.
- An individual died and the Executors do not identify all the assets owned.
Assets Recovered estimates there are over £30 billion of unclaimed assets held by companies and the Government in the UK.