We are industry leaders with over 10 years of experience in client verification, during which time we enabled companies to reconnect with over 100,000 “gone away” customers and shareholders.
Using our Intrace™ methodology in partnership with Momenta we have access to the most extensive global tracing network for the purpose of managing even the largest Customer Verification Programs in a cost effective and efficient manner.
We can provide tracing results for at least 90% of even the oldest records and rapidly transfer our know how and training to existing company ‘Gone Away’ teams to achieve similar results, thereby avoiding any Data Protection concerns around the transfer of Customer Data to a third party.
We also provide “White Label” tracing services for major companies. This service is particularly focussed on enabling companies to identify, trace and reconnect with customers (or their estates) with whom they have long since lost contact.
Assets Recovered is fully licensed by Claims Management Regulator in respect of regulated claims management activities.
Does this affect you?
Every year 1% of the UK population die and historically 3-4% move home however, not all these changes are reported to all the companies with which the person is a client so as a result the ratio of known to unknown “gone away” customers is typically between 1:3 and 1:4. It is therefore inevitable that any Financial Services company that has been in business for at least 20 years will have a significant percentage of clients who are unknown “gone aways” with incorrect address details held on record.
Why take action?
GDPR Legislation came into effect in May 2018, requiring all companies to communicate directly with all their customers to obtain explicit consent to hold and retain client data. As there is no exclusion for “gone away” customers, the potential fine for GDPR non-compliance can be up to 4% of global turnover.
Therefore, the benefits for implementing a proactive programme to minimise ‘gone away’ customers will be:
- Significantly improved GDPR compliance, eliminating the risk of any related fine.
- Improved KYC compliance for existing customers, reducing the risk of fraud and identity theft.
- Identifying and dealing with historic orphaned, unclaimed and dormant assets
- Provide new sales opportunities when reconnecting with ‘gone away’ customers or their Executors
- Visibly demonstrate commitment to FCA Principles on ‘treating customers fairly’ and enhance corporate reputation.
- Potential ongoing cost saving in ‘gone away’ management teams
How can we help?
Our experts will demonstrate their capabilities by undertaking an analysis of the current “gone away” management processes being used by any potential customer. Based upon this analysis we will present a range of fully priced proactive programmes to enable the company to achieve GDPR compliance for all its existing “gone away” customers and put structures in place to avoid any future build up.