www.InvestmentGuide.co.uk
www.InvestmentGuide.co.uk The Unclaimed Assets Register offers a computerised search service that eventually aims to help find the rightful owners of an estimated £15 billion of financial assets that lie unclaimed in the accounts of UK financial institutions.
Established in January 2000, in its first 18 months of operation it has re-united over £1.3 million of lost assets with their owners. The highest amount recovered was £36,000.
There are many reasons for these lost financial assets, but the most common are a failure of owners to notify institutions of chances of address, lost documentation, spouses and other heirs who are totally unaware of the assets concerned, or simple forgetfulness.
It is estimated that unclaimed assets held by UK institutions are £1,000 million of life polices, £3,000 of pensions, £3,000 million of shares and dividends, £5,000 million of bank and building society accounts, £3,000 million of National Savings and £100 million of lottery and others.
The register has been established by Aon, a large insurance and financial services organisation. It currently concentrates on unclaimed life and personal pensions policies, dividends and shares and unit trusts. Eventually it hopes to be come a 'one stop shop' to trace all lost financial assets, including, dormant bank and building society deposits. Already information on almost 500,000 unclaimed life policies is held by the register. Most of the country's major life companies are set to participate including Standard Life, Axa, Scottish Equitable, Friends Provident, Prudential, CGU, Scottish Life, Zurich, National Mutual, Clerical Medical, Royal & Sun Alliance and Abbey Life.
Anyone who contacts the Unclaimed Assets Registry will be sent a search request form which must be signed by the policyholder or their legal representative before a search can be carried out. A search costs £15 (including VAT) and the register aims to respond within 28 days. An additional free search 12 months later is designed to pick any additional information lodged with the register as the database builds. No financial data is held on the register, only names, addresses and date of birth. Where a potential match occurs between the written details provided by a 'searcher' and data held on the register. the searcher will be put in contact with the appropriate financial institution which will carry out its usual verification procedures.
In a 'test' phase the register helped locate individual life policies worth up to £20,000 and pensions of up to £10,000 a year." The Register makes use of the latest technology to facilitate rapid and comprehensive searches, even catering for individuals who have no paperwork and no real idea which company they may have invested in.
The high incidence of mergers, company name changes and office changes in recent years has helped to further confuse the situation. To obtain a search form phone 0870 241 1713 or visit their web site.
 Last updated 18 January 2002 |
Previous chapter |
| If there's anything you think should be included or you don't understand Send us a message |