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UK financial institutions returning unclaimed assets to their customers are being offered a new service.
In recent years the UK government has increased the pressure on financial institutions to return money to its owners or donate it to charity, and the issue of unclaimed assets has become a corporate responsibility matter.
Now ICSA Software International, which took over the London Stock Exchange’s Corporate Responsibility Exchange last October (EP8, issue 8), has set up a ‘reunification service’ so that financial institutions can be ‘proactive in returning unclaimed assets to shareholders and customers’. For every claim that it administers, ICSA Software’s new company, Assets Reunited, will give one per cent of its fee to ShareGift, the international share donation charity.
As much as £3billion ($5.8bn) in unclaimed assets is thought to be held by UK financial institutions, mainly in the form of unclaimed shareholder entitlements, bank accounts and insurance policies, and also held in pensions.
In recent years the UK government has increased the pressure on financial institutions to return money to its owners or donate it to charity, and the issue of unclaimed assets has become a corporate responsibility matter.
Now ICSA Software International, which took over the London Stock Exchange’s Corporate Responsibility Exchange last October (EP8, issue 8), has set up a ‘reunification service’ so that financial institutions can be ‘proactive in returning unclaimed assets to shareholders and customers’. For every claim that it administers, ICSA Software’s new company, Assets Reunited, will give one per cent of its fee to ShareGift, the international share donation charity.
As much as £3billion ($5.8bn) in unclaimed assets is thought to be held by UK financial institutions, mainly in the form of unclaimed shareholder entitlements, bank accounts and insurance policies, and also held in pensions.
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