The UK’s unclaimed money mess

The UK’s unclaimed money mess

Unclaimed money is still regarded as a grey area in the UK, but the numbers are mind-blowing. The Financial Times quoted that, “there is a sea of unclaimed assets sloshing around the financial system, very conservatively estimated to be worth £77 billion.”

To put that into perspective … the biggest ever EuroMillions jackpot in the UK was announced in October 2017, at £168 million. If you compare that to the estimated unclaimed money total, the figure is astronomical.

UK's unclaimed money mess

Not enough people know about how vast the lost assets problem is within the United Kingdom, and how easy it can be for money to slip through financial cracks.

So … where does unclaimed money come from?

Unclaimed assets can often manifest themselves in various forms, and can lie hidden within the dark corners and hidden crevices of your financial accounts.

It’s much easier than you think to lose contact with one or more of your accounts and policies. When your financial provider is unable to contact you after a sustained period, your account will be deemed dormant, which is when any money within that account becomes trapped.

Here are a few reasons why you may lose contact with your financial institution, resulting in your account becoming dormant;

  • An unreported change of address.
  • Any name changes after marriage or divorce.
  • Inadequate or illegible record keeping.
  • Deceased relatives.
  • Forgotten policies/accounts.
  • Financial institutions merging, or closing.

It’s necessary to note, millions of UK citizens are completely unaware that they have unclaimed assets owed to them. If the institution cannot contact you, and you have don’t know about the assets, the money remains unclaimed.

What type of financial accounts/policies could contain unclaimed money? 

The answer is any, but here are the most common places for hiding your lost assets;

  • Premium bonds.
  • Bank and building society accounts.
  • Savings and investment accounts.
  • Stocks and shares.
  • Inheritances
  • Life insurance and pensions.

Have any laws been passed to prevent unclaimed assets?

Unclaimedfinances.co.uk noted how the Dormant Bank and Building Society Accounts Act was passed in November 2008. This was to ensure that any unclaimed money was reinvested into the community. Once money has remained trapped within a dormant account for at least 15 years, the funds can be used by the government for charitable causes.

However, rightful beneficiaries are still able to reclaim their money, even if it has already been used by the government.

Search for your lost assets, for free today at monimine.com 

Josh Cousens – Monimine. 

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