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IA tool to reunite £780mn of lost assets with owners

IA tool to reunite £780mn of lost assets with owners
 

The Investment Association has created a tool to re-unite individuals with an estimated £781mn in lost investments. 

The platform, the IA Unclaimed Assets Portal powered by Gretel, is designed to help people find their missing investments by using technology.

People often lose access to assets when they move house or job and forget to update their information with their providers and this new tool will allow them to locate these investments, the IA said.

The IA added that forgetting to update details is an easy mistake to make and countless people in the UK have become disconnected from their investments over the years as a result of it.

Traditionally, locating a lost pot of money is a laborious process as it requires both firms and individuals to search for missing paperwork, look through employment contracts or even get in touch with past employers.

However, the IA said its new platform fields regular enquiries from people hoping to find a way to track down a lost investment. 

IA’s chief executive officer Chris Cummings, said: “We are delighted to be launching the IA Unclaimed Assets Portal to help people locate their missing funds and to support our members in ensuring any forgotten assets are re-united with their rightful owners. This new portal will make the process much more straightforward and quicker for customers.

"While online platforms have made it easier to update personal information in recent years, we particularly want to encourage people to check in with their parents and grandparents who may have invested money years ago and overlooked updating their details when moving job or changing address. 

“A quick check today can make sure they are reunited with long forgotten investments.”

The new portal is a free-to-use tool with a one-off registration process. 

Once the tool has located a lost investment, misplaced pension or dormant savings account, it will connect the consumer with the provider to discuss their options to reclaim their funds. 

If no match is found in the first instance, the user’s information is stored safely on the system, and they will be notified if the lost money is registered by one of our members or another financial institution.

The launch comes after the Dormant Assets Bill obtained royal assent on February 24.

According to the Dormant Assets Act 2022, dormant money that remains unclaimed will be released by firms to charitable initiatives as part of the expansion of the Dormant Assets Scheme, with enough money being held so the rightful owner of an asset can at any point reclaim their funds in full.

The tool is powered by Gretel, part of IntelliTeq, which focuses on simplifying complex financial processes. 

Gretel has been directly involved with the government’s independent commission on dormant assets in recent years and, in response to the commission’s recommendations, have built Gretel as a free to use platform for consumers.