There is an estimated £15 billion in Unclaimed Assets throughout UK financial organisations and in December 2005 The Commission on Unclaimed Assets was launched. This body was charged with establishing the best way to reunite consumers with dormant funds and create a framework to reinvest any still unclaimed assets back into the community.
In April 2007 the Commission on Unclaimed Assets together with the National Consumer Council released a joint report – Unclaimed Assets: Consumer protection and regulation of dormant accounts - which focused on reuniting consumers with dormant funds and putting remaining unclaimed assets to the public good.
Unclaimed Asset Reunification
An opinion poll, carried out as research for the aforementioned report, highlighted the fact that 1 in 3 people in Britain believe they have a dormant account of some description. With this is mind it is essential that an intensive reunification program is carried out prior to unclaimed assets being reinvested into the community.
“We recommend that as part of Treating Customers Fairly and Know Your Customer, financial institutions use more pro-active means to locate customers that have gone-away”
Source: Unclaimed Assets: Consumer Protection and regulation of dormant accounts – April 2007
Actively reuniting customers with unclaimed assets is beneficial to all involved, banks and building societies project a positive corporate image and retain custom, consumers are reunited their money and any remaining funds, which can’t be reunited with their owners, aid society.
Reunification Solutions
We supply a complete range of services specifically for asset reunification exercises; these have driven successful reunification campaigns for a variety of blue chip companies.
If you would like to embark on a productive asset reunification program, contact Tracesmart Corporate. To highlight how successful your campaign can be, we will carry out a free data audit of your dormant accounts.
