A new service that will help banks, pension trustees, life companies and other organisations reunite consumers with millions in ‘lost’ assets has been launched today by Capita Employee Benefits.
Royal Mail estimates that 11% of the UK population move house every year and that on average between 2% and 5% of all mail is ‘returned to sender’. With many people who move home forgetting to inform financial services firms of a new address, an estimated £15bn of entitlements has been left unclaimed, forgotten, lost or left dormant in bank accounts, savings plans, share schemes and pensions.
Penny Maystone, head of tracing and data solutions at Capita Employee Benefits, explains: “Financial services firms are coming under increasing regulatory pressure to reunite customers and shareholders with the assets to which they are entitled. But it’s not enough to simply trace an individual; companies really need to also verify them - a process that can be complex and time consuming. Our service, Completetrace, does both and it has driven up verification rates for our clients significantly, to between 50% and 65% of those traced.”
“Capitalising on a well-established tracing system with quality underlying data, Capita uses a proprietary online verification platform, initially developed for two of its largest life and pensions clients, as well as more traditional methods of telephone and written verification. For pension scheme administrators, the service builds upon the Department of Work and Pensions’ (DWP) current letter forwarding process with a more robust and rigorous approach to verification, incorporating service level monitoring and reporting for the sake of clarity.”