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Do you think you have savings or a pension forgotten somewhere, but are not sure of how to find it or reclaim it? You could be one of millions of consumers who has either lost or forgotten about financial assets, and have added to the UK's untouched money mountain.
Experian believes that there might be over ¯¿½15 billion worth of financial assets in the UK spread across life policies, pensions, dormant accounts, National Savings and shares that have simply been lost or forgotten.
These assets can be reclaimed by their rightful owners, but most people do not know how to get back in touch with them.
There is a very simple and inexpensive way. Experian's Unclaimed Assets Register (UAR) was set up eight years ago to assist in the recovery of savings and investments that had gone astray. It has already helped reunite over ¯¿½5 million worth of lost or forgotten assets with their rightful owners.
More recently, dormant bank and building society accounts have been hitting the headlines, because of the government's plans to make these funds available for worthwhile causes after a period of either 10 or 15 years of being untouched.
Experian estimates that there could be as much as £2.8 billion worth of dormant accounts in the UK that belong to people who are still alive and could potentially reclaim them. However, this figure could be far greater if the values of inactive accounts left behind by people who have died are included.
It is still too early to include all these dormant accounts on the UAR, as banks and building societies are still compiling their lists.
Keith Hollender, Managing Director of Experian's Investment and Professional Services and founder of the Unclaimed Assets Register, says: There are a lot more people out there with untouched bank or building society accounts than we realise, but government plans to channel the money from these inactive accounts will not affect their rightful owners. They will still be able to reclaim their cash.
¢There are many reasons why people lose touch with their assets. Forgetfulness, however, is one of the key culprits. Much of the ¯¿½15 billion money mountain is sitting there largely because customers have failed to tell their banks and insurance companies when they have moved house or changed name after marriage or divorce. People also forget about small, one-off investments or simply do not know about assets belonging to a deceased relative until they come across some documents, perhaps years later.
¢There are also other reasons for losing touch with assets, such as serious illness, old age and death. Locating all the paperwork at the time of a death is always something of a hit and miss affair, especially if the bereaved are elderly, infirm and have no immediate family to help them.
¢The situation is not helped by the dramatic rise in share ownership following privatisations, demutualisations and the subsequent establishment of a plethora of online share dealing facilities, encouraging those unfamiliar with financial markets to invest.
¢Ultimately, many people are just not aware of how they can get back in touch with their lost finances. By searching through the UAR, this money could be reunited with the rightful owners.¢
For further information on locating unclaimed monies, contact Experian¢s UAR on Tel: 0870 241 1713 or visit www.uar.co.uk
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