Why at least £40 Billion Unclaimed?
The Association of British Insurers released a report in October 2018 into the potential value of lost pensions due to Gone Away customers. The ABI has increased its estimates 6-Fold and now talks about the values reaching a total of £20 billion. If unclaimed Pensions equate to £20 billion then the combined tally from this plus Life assurance policies plus Shares plus dormant cash will surely top £40 billion.
Vestigium Services Ltd. Works with Financial Service Organisations*
As we have been raising awareness of the scale of the issue of ‘Gone Aways’, and the implications of this issue for both Financial Institutions, and their customers for a number of years.
We have also been strongly recommending that the Financial Services industry do more to re-connect with their customers. Although this has not always been an easy fix, we at Vestigium Services have the answer.
Historically, the regulatory pressure to locate gone away customers, or the beneficiaries of estates belonging to the deceased, has been low, but this is changing and we are seeing more institutions engage with us to re-connect with their forgotten customers.
Huge numbers of the public should be receiving money from accounts, policies, and pensions.
The belong to their deceased relatives but are simply unaware of the existence of such funds.
Those suffering from dementia are also not serviced by an industry that does not proactively keep in regular touch with its customer base. Happily, Vestigium Services’ growing client base of Financial Services organisations agree with Vestigium and want to help.
If unclaimed Pensions equate to £20 billion then the combined tally from this plus Life assurance policies plus Shares plus dormant cash will surely top £40 billion.
The truth is that no-one knows the exact figure. There have been estimates way in excess of our £40 billion estimate including The Financial Times estimating a ‘vast sea of unclaimed assets' up to £77 billion. Whatever the figure, it’s a lot.
Re-engaging with customers…
provides the industry with an unprecedented opportunity to market to, and sell products to, their dis-engaged customers and fully to meet its Regulatory and Governance obligations.
At our estimate of £40 billion, with 27.6 million households in the UK, this could equate to over £1400 per household.