New FinTech tool could reunite up to £780m of investment assets with rightful owners
- The IA Unclaimed Assets Portal, powered by Gretel, uses new technology to help customers find their lost assets
- Some £781m in assets could be reunited with rightful owners through enhanced tracing, verification and reunification
- The launch comes after the Dormant Assets Bill obtained royal assent on February 24
A new tool aims to re-unite individuals with an estimated £781m 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 to connect consumers and companies through a one-stop shop for finding and recovering lost assets.
The Investment Association is today urging people to register to the platform if they suspect they may have lost an investment over the years.
People often lose access to assets when they move house or job and forget to update their information with their providers. It’s an easy mistake to make and countless people in the UK have become disconnected from their investments over the years. Traditionally locating a lost pot of money is a laborious process, requiring people to search for missing paperwork, look through employment contracts or even get in touch with past employers.
The process of tracing and reconnecting with lost customers can be equally challenging for the firms themselves, due to the rigorous checks that need to be made prior to re-establishing contact. With an increasing number of people taking out investments in recent years, the potential for firms to lose track of them is also increasing.
Currently the IA fields regular enquiries from people hoping to find a way to track down a lost investment. The new portal is a free-to-use tool with a simple 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.
Thanks 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.
Chris Cummings, Chief Executive Officer, the Investment Association, 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.”
Duncan Stevens, Chief Executive, Gretel, said:
“The IA has always embraced the use of innovative new technology to solve traditionally difficult problems, and we are delighted that Gretel has been chosen to partner with the IA to deliver this extremely valuable service to both member firms and the public.
"With people up and down the country under increasing financial pressure as a result of the current cost of living crisis, the launch of the IA's Unclaimed Assets Portal couldn’t be more timely. With hundreds of firms operating in the investment sector, there is a significant opportunity to make a positive impact on society as they get behind this industry initiative.”
ENDS
Notes to Editors:
For further information, please contact:
Katie Martin, Head of Communications:
T: +44 (0)20 7269 4655
Arianna Schardt, Communications Executive:
T: 44 (0) 20 7269 4625
IA Press Office: [email protected]
About the Investment Association (IA):
- The IA champions UK investment management, supporting British savers, investors and businesses. Our 270 members manage £9.4 trillion of assets and the investment management industry supports 114,000 jobs across the UK.
- Our mission is to make investment better. Better for clients, so they achieve their financial goals. Better for companies, so they get the capital they need to grow. And better for the economy, so everyone prospers.
- Our purpose is to ensure investment managers are in the best possible position to:
- Build people’s resilience to financial adversity
- Help people achieve their financial aspirations
- Enable people to maintain a decent standard of living as they grow older
- Contribute to economic growth through the efficient allocation of capital.
- The money our members manage is in a wide variety of investment vehicles including authorised investment funds, pension funds and stocks and shares ISAs.
The UK is the second largest investment management centre in the world, after the US and manages 37% of all assets managed in Europe.
About Gretel:
Gretel is part of IntelliTeq, which focuses on simplifying complex financial processes. IntelliTeq solutions assist companies in complying with regulatory challenges around data and empower customers through the use of proprietary technology.
Duncan Stevens, Tom Simmonds and Ashley Hollands, as the founders of Gretel, have over 60 years of experience in financial services and technology between them. They have run some of the largest financial tracing businesses in the UK, returning over £2.5bn in forgotten and dormant assets to over 1.5m people.
They have 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, transforming the ease and speed with which they are able to find their money, regardless of where it is in the financial system it was lost.
How does Gretel work?
Gretel is designed to help consumers find everything from their first bank account to a forgotten pension. It uses cutting edge technology to make the financial world a smaller place, bringing together companies and consumers creating a “hub” which acts as a one stop shop for finding and recovering lost assets.
Gretel will cover the whole financial industry in the UK including bank accounts, pensions, child trust funds, premium bonds, investments and life insurance policies.
Gretel uses intelligent technology to see a customer’s past ‘financial path’, where they might have left money and then helps them reclaim it.
Once Gretel has found a customer’s pots of money, it will then connect them with the bank, investment company, pension provider and walk them through how to reclaim their money.
And importantly membership to the Gretel platform and its use is free. Our belief is that consumers are entitled to receive all of the value of the money due to them and should not have to pay to get back their own money.
Gretel is a member of the Investment Associations’ dedicated FinTech hub and accelerator, the IA Engine, and is launched following EmTech Global, which took place in March. At the event, it was announced that Gretel was selected as one of five FinTech companies joining the IA Engine’s accelerator programme.
For further information, please contact:
Louise Ahuja, LouiseBComms:
T: +44 7788 676913
Karen Mignon, LouiseBComms:
