Norwich Union has returned £10m in unclaimed assets to investors as part of a comprehensive review of unclaimed policies.
The firm appointed Assets Reunited, a dedicated tracing agency, to find customers who have not claimed their cash and is now returning around £1m a month.
Assets often go unclaimed because customers have lost their policy documents or have changed address without notifying the companies involved.
So far, 3,500 customers have had their cash returned to them, with a further 10,000 currently being processed. Overall, NU has found the original owners of £35m worth of policies.
"The issue of unclaimed assets affects the whole industry and it's not going to go away on its own," says Cathryn Riley, chief operating officer at NU.
"We are taking decisive steps to address the matter and we encourage the rest of the industry to follow our lead."
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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