Engage Mutual, an ICMIF member based in the UK, has been working with a team of TV researchers and genealogists to find the correct recipients of unclaimed funds such as insurance policies, life assurance and savings that it holds on behalf of their members or their beneficiaries. The stories of the peoples involved are currently being shown on a national (UK) television programme called Missing Millions.
Engage Mutual has been running this initiative to track and trace the owners of unclaimed funds for nearly two years and has so far reunited people with more than £1.5m in forgotten funds.
Steve Barry, director of operations at the mutual, commented:
“Working with a TV production company, alongside our existing track and trace programme, proved to be a great opportunity to solve some of the particularly challenging cases relating to the unclaimed funds we hold.”
The problem of unclaimed money is widespread, with an estimated £15bn-£20bn lying in UK financial institutions.
“Tracing the owners of unclaimed funds is invariably a time consuming and often complicated process, and clearly, it would be preferable that money stays permanently connected to its rightful owners.”
The mutual is also introducing an awareness initiative campaign on this topic and has created a checklist to help members avoid losing touch with their financial affairs. This campaign is called “keep it, will it, flag it” and aims to make sure people avoid simple oversights, such as forgetting to update a change of address or telling a loved one or family member that a policy exists. This simple checklist enables the members of Engage Mutual to keep a regular check on their finances.