There is recognised as being between £10-£20 Billion of Unclaimed Assets (‘gone aways’) held in UK Financial Institutions (‘FI’s) belonging to the consumer.
The scale of the total amount left unclaimed is staggering; but estimates vary hugely and reliable sourcing of any estimate is very difficult. Estimates vary from between £10 and £20 billion. A table produced by the Unclaimed Assets Register is shown below:
Gone aways arise due to;
|Total UK Unclaimed Assets|
|Lotteries & other||300|
|Source: House of Commons Library, Briefing Paper Number 03027, 1st April 2011, Unclaimed financial assets/dormant accounts.|
We believe this figure to be understated as an extrapolation based on the FCA’s paper covering “Fair treatment of long-standing customers in the life insurance sector March 2016 suggests £14billion alone from the 11 closed life and pensions companies investigated implying another £10billion could be added to the figures above.