Lost accounts

In 2007, the government began the process to reclaim dormant accounts for spending on good causes. A similar initiative was commenced a few years ago in the Republic of Ireland.

Dormant accounts are, broadly speaking, those bank accounts, shareholdings in privatised industries or life policy payouts etc., which have gone untouched or unclaimed for 15 years, or more. Currently, these monies, estimated at up to £20 billion, sit on the books of the banks and life assurance companies etc.

Searching for and recovering lost, forgotten and unclaimed assets is a matter of routine for professionals acting in estate work but is often overlooked elsewhere.

In anticipation of the issue receiving increased publicity over the next few years, the British Bankers' Association, Building Societies Association and National Savings have launched a joint initiative whereby people can search for unclaimed, lost or inherited bank and building society accounts and premium bonds etc.

This search facility, which is free to use, can be found here.

The facility does not deal with life policies, shareholdings, dividends thereon and more exotic investments. A person wanting to search for such assets, whether on behalf of themselves or a deceased relative etc., will either need to make enquiries themselves of specific institutions or pay a search company for undertaking a search on their behalf.

A selection of companies providing search and recovery services:

Title Research  Unclaimed Asset Register