The Financial Times quotes there is a ‘sea of unclaimed assets sloshing around the financial system, very conservatively estimated to be worth £77 BILLION.’
- Something as simple as changing address or adopting a new surname can be the catalyst for losing track of money.
- If a financial service provider is unable to contact their client at their new address, or with their new name, their account or policy can become dormant (preventing fraud.)
- If the client or beneficiary subsequently forgets, or is unaware of the account, any finances within become trapped and remain unclaimed.
- Unclaimed money could be hidden in an array of financial hiding places, such as bank and building society accounts, pension and life insurance policies, premium bonds, investments, stocks and shares or unclaimed estates.
Impending GDPR regulations have increased the pressure on FSO’s and their motivation to clean legacy books, deal with ‘gone away’ clients and show they have a process in place to maintain accurate records.
- GDPR demands that financial companies have to maintain accurate data.
- Financial service organisations (FSO’s) have a responsibility to ensure they connect unclaimed money to its rightful owners. They are increasingly searching for the most effective way to do this, but it’s proving difficult.
- Monimine provides a total permanent solution to the major issue that the financial service industry has with ‘gone away’ customers.
- Monimine insist on data security to keep their clients personal information protected. The business has obtained the Information Security Management Certificate ISO 27001.
Monimine offers a simple and cost-free solution for consumers to search for any outstanding assets which are owed to them from UK financial institutions.
- Losing track of unclaimed assets is more common than most people realise and even if you think there is no chance you hold lost money, Monimine allows you to definitively find out for free.
- A match occurs when the information a consumer inputs into the Monimine registration correlates with the personal data files Monimine have sourced from financial service organisations.
- This process helps to reunite the public with the outstanding assets which belong to them and helps FSO’s to update their records, complying with GDPR requirements
For further information please visit our website.