Up to £500m of 'dormant' assets is currently sitting in the insurance and pensions sector, according to an independent government commission.
The Independent Dormant Assets Commission, which identifies pools of lost or forgotten money, also highlighted a potential £40m to £50m available to consumers on an ongoing annual basis - with the caveat the sector participates in the commission's proposal to extend the lifetime of schemes and facilitate better tracking of lost customers. The commission outlined its intention to reunite financial and non-financial assets, which have been lost or forgotten by beneficiaries or providers, with their owners, limit future "dormancy", or recycle these funds to address social issues in the UK. ...
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