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FOOL'S EYE VIEW
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I read an interesting press release earlier this month from a company called FundsReunited, which claimed that Britons have lost touch with an estimated £20 billion of their assets. This money is spread across hundreds of the UK's financial institutions, and FundsReunited reckons that one in twelve people could expect to recover £5,000 or more! We're most likely to lose touch with financial accounts and products when we move house, switch jobs, marry, divorce, change name, lose paperwork, or when accounts are set up for us by relatives. Lost inheritances are a major problem too. By the way, it's worth doing your research today, because the government is planning to divert some of our unclaimed wealth to charities and voluntary organisations, which means your long-lost fortune could be under threat! FundsReunited charges £15 to carry out checks across a range of institutions, as does rival firm the Unclaimed Assets Register (UAR). However, if you fancy doing the detective work yourself, here's where to go (all contacts are listed at the end): Dormant bank and savings accounts (£5 billion) The Building Societies Association and British Bankers' Association will help trace lost or dormant savings accounts. With £5 billion in the kitty, it could be well worth your while! Overpaid tax (£4 billion) The Inland Revenue collects around £4 billion in overpaid tax every year. This article lists the most common reasons why people pay too much tax. (By the way, if you hate completing your tax returns unaided, software package TaxCalc does all the hard work for you!) Unclaimed life policies, personal and company pensions and annuities (£4 billion) We've also lost touch with £3 billion of pensions and £1 billion of life policies, but checking old bank statements may throw up direct debits or standing orders relating to long-forgotten policies. The Association of British Insurers can help you to trace unfamiliar insurance companies, although it won't help with tracing individual policies. You can track down preserved company pensions via a free service from the Pension Schemes Registry. Call 0191 225 6393 and ask for a Tracing Request Form, or use the link below. Unclaimed shares and dividends (£3 billion) UK investors have let £3 billion of shares and dividends slip through their fingers. Tut tut! If you think you may have a long-lost shareholding in a UK-listed firm, call the company's investor relations department and ask for the contact details of its registrars, which maintain the company's shareholder register. Registrars can issue replacement share certificates and pay your unclaimed dividends. The two most popular registrars are Capita Registrars and Lloyds TSB Registrars. Alternatively, contact the London Stock Exchange (LSE), which has records going back to the 19th Century. The LSE will be able to tell you if a listed company has been taken over, changed its name or still exists. It can also help to trace missing investment trust companies, as can the Association of Investment Trust Companies. For other missing stock-market funds, such as unit trusts and OEICs, contact trade body the Investment Management Association. Furthermore, several building societies and mutual life assurance companies have converted to listed companies over the past fifteen years, providing windfall shares to their members. Hundreds of thousands of people have failed to claim their free shares or cash, so it's worth checking to see if you have any dormant savings accounts or life policies. You could be in line for a sizeable bonus! Unclaimed National Savings deposits and Premium Bonds (£3 billion) There's another £3 billion at stake here. National Savings & Investments will help you to trace overlooked National Savings deposits and unclaimed Premium Bond prizes. Call 0845 964 5000 or click on the link below. National Lottery winnings (£300 million) We've all heard stories about people losing jackpot-winning tickets, but you don't necessarily need to have the winning ticket to claim your prize. However, you do need to stake your claim within 180 days of the relevant draw, or your fortune will go to charity! Unclaimed Lotto prizes total £300 million, so get looking for your old playslips now - use the win-checker link below. Let's face it, there are hundreds of financial companies that may owe you money, which could mean hours - even days - of work. On second thoughts, this makes the £15 fee charged by FundsReunited and UAR an absolute bargain - if you strike it lucky! Contact details