Dormant assets should not exist, but they do. Individuals should never lose track of their assets, but they do. Banks and Building Societies should not have out-of-date contact details for their customers, but they do. As a result, there is a significant amount of money in our economy that is unclaimed or lost.
A report was published in 2017 by the Chair of the Commission on Dormant Assets which highlighted the challenges that the UK Government are presented with by dormancy. Currently banks & building societies are governed by the Dormant Bank and Building Society Accounts Act 2008, which enables them to transfer dormant assets to Reclaim Fund Ltd (RFL). Participation is voluntary for firms and covers most of the retail banking market. Almost £1bn has been transferred to RFL since its inception in 2011.
The preference however is for firms to make reasonable efforts to trace and reunite customers or beneficial owners with their assets wherever possible, and although considerable progress has been made with firms actively re-contacting customers and working with the specially-created website ‘mylostaccount.org.uk’, the Commission on Dormant Assets reports an estimated £568m of dormant assets in existence throughout the banking industry.
The resources and workload associated with carrying out the preferred trace and reunite process, results in a high cost pressure to the banking industry. Phil Jennings explains how Bond Lane Research Ltd can support the industry in this area;
“we have over 20 years’ forensic genealogical research experience and are able to carry outsearcheson behalf of banks and building societies to trace and reunite customer or beneficial owners with any dormant assets held within their firms. It is common for dormant assets to be held following the death of a customer, where known beneficiaries may have moved on, changed their name or even died themselves. Worse still, in cases where the estate is intestate and heirs are unknown, the firms are left with an uphill struggle to research family trees and confirm proof of relationship to the deceased in order for the administration of the estate to be completed. At Bond Lane Research we can remove this pain for the banks and building societies by completing the research and providing full reports including all the document proof required for approval of the estate administration to be granted”.
Bond Lane Research Ltd provides these services at no cost to the bank or building society, as our fees are reclaimed from the estate beneficiary upon successful settlement.
Contact us today via our website or Telephone 01633 669399 to discuss how Bond Lane Research Ltd can provideyou with professional and valuable support to reduce the cost pressures associated with tracing and reuniting dormant assets within the retail banking market.
Member since: 7th September 2017
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