Using the Unclaimed Assets Register

The Unclaimed Assets Register (UAR) is a service that helps individuals connect with companies that may hold their lost or forgotten assets. These assets can include pensions, life policies, dormant accounts and lotteries.

What is the Unclaimed Assets Register?

The Unclaimed Assets Register is basically a database of members of the public who have unclaimed assets. Individuals who are trying to search for lost or forgotten about assets can use this database to search and view if they are owed any assets. The search can pull up information on pensions, life policies, shares, national savings and lotteries. According to the company there is an estimated 15 billion pounds in unclaimed UK assets.

Who Operates the Unclaimed Assets Register?

The Unclaimed Assets Register is run by Experian, one of the biggest credit reference agencies in the UK. Customer credit checking for lenders and customer credit references are the major business services undertaken by Experian. If a customer wants to view their credit record this service can be supplied though Experian. If a lender wishes to check up on a customer’s credit record then this is a service Experian will provide.

How Does the Unclaimed Assets Register Work?

Basically, an individual who is trying to trace assets can search the Unclaimed Assets Register by completing an online application form. By providing personal details a search can be made of many financial institutes such as banks, building societies, pension services and insurers. Customers also have the choice of printing out the application form and sending it to Experian by post. Once the search has been completed the customer will be notified if there are any unclaimed assets in their name.

Is There a Fee For This Service?

Yes, customers who wish to use the database will be charged £25 for a search. The register can also be used to search for deceased relatives unclaimed assets. Proof of the legal entitlement to claim these assets will be required. A list of the database members (financial businesses) is available on the Unclaimed Assets Register website. According to the website this list is being expanded with the hope that it will soon contain every available financial business that could hold unclaimed assets in the UK.

If No Assets Appear in a Search Does This Mean I Have No Unclaimed Assets?

This is not necessarily the case; a blank result could simply mean that companies that do hold the customer’s unclaimed assets are not yet on the database. The UAR claim that they should be able to help people who have forgotten the company’s name where a policy was held. It may also be the case that a deceased relative has a life policy but did not inform their relatives. The database is not definitive, which is why companies are being added to the existing database.

Should I Be Concerned About Giving Personal Details to a Credit Reference Agency?

Privacy rules are set out by the UAR under a privacy statement. But some of these privacy rules do seem a little vague. For instance the UAR claims that the information collected is used for customer and marketing research and identifying potential customers. The privacy statement also states that if a customer wishes to receive details on the customer information collected by the UAR they will have to pay a £10 fee. The privacy statement also claims that changes can be made to the privacy rules from time to time without prior customer notification.

Are There Other Free to Use Lost Assets Resources?

Online lost assets search facilities are available to the public without the requirement of a fee. This can include the My Lost Account service, which basically checks for inactive accounts with the majority of Britain’s banks and building societies. The two services can be used in conjunction with one another to give a greater diversity of financial businesses when searching for unclaimed assets.

What Are the Chances of Finding Lost Assets Through the Unclaimed Assets Register?

Anyone who has changed addresses or opened new accounts without closing down old accounts may have a chance of finding unclaimed assets. People who have moved jobs and have a memory of having paid into company pensions at previous jobs may also have lost pensions. It’s not unusual for companies to change owners and change names and customers then think the original company has disappeared. There is always the chance that there may be unclaimed assets, and a search using a database such as the UAR may help to reveal them.