“Dormant assets should not exist, but they do. Individuals should never lose track of their assets, but they do. Companies should not have out-of-date contact details for their customers, but they do.” (Nick O’Donohoe, Chair of the Commission on Dormant Assets).
Dormant Assets have long been a problematic category of policy holder. A regulated provider has obligations to trace their Dormant Assets, and in March 2017 the ‘Commission on Dormant Assets’, sponsored by the UK Government, published their set of recommendations. While some of those Dormant Assets are potentially an untapped source of profitable business, these legal and moral obligations can often be difficult or impracticable for providers to fulfil.
The cost of searching for them is onerous and comes with no certainty of success. Therefore the focus of this white paper, is on how to analyse the problem of Dormant Assets.