In January 2021 the UK Government elected to expand the Dormant Assets Scheme, a program where unclaimed financial assets are put towards social and environmental initiatives.
The boost means dormant assets across the insurance and pensions, investment, wealth management, and securities sectors have been made available to help UK citizens recover from the severe financial impact of the coronavirus pandemic. However, your customers will still be able to claim their assets in full at any time.
John Glen MP, Economic Secretary to the Treasury, said:
“Banks and building societies across the UK are working tirelessly to reunite people with forgotten assets. But on occasions where this isn’t possible, it’s right that these funds are used to tackle some of the UK’s most pressing social and environmental challenges. The expansion of the scheme will mean more people are reconnected with their assets, whilst also making more money available for good causes.”
Whilst Mr Glen’s statement rings true, we want to ensure that reuniting people with forgotten assets is never an impossible task by encouraging as many people as we can to register their details with us so we can match them with our caring Financial Services clients.
The financial organisations working with Vestigium Services are intent on tracing their lost and gone away customers, or their customers’ loved ones/Executors/next of kin where the customers are deceased. A significant proportion of lost assets belong to vulnerable people including the elderly and mentally or physical incapacitated, many of whom aren’t catered to by existing dormant asset search services.
We aim to meet the needs of gone away customers whilst supporting the vulnerable through reuniting our clients with as many of their lost customers as possible.