There is strength in numbers. An industry response to unclaimed and dormant assets adds credibility and reduces risk.
Principal research partner
"EY has taken a leading role in enhancing standards for client asset reporting in the UK’s asset management sector. We see this research as a natural step in helping the sector to evolve further its handling of client assets and treating its customers responsibly and fairly."
Partner, London, Head of Extended Assurance for Wealth & Asset Management, EMEIA
Legal research partner
"Eversheds recognises both the importance and the complexity of the legal issues surrounding dealing with unclaimed assets. We are pleased to assist with this research which will lay out for participating firms and the industry the scope and magnitude of the challenges they face."
Co-leader, Financial Services Regulation Practice
Data collection & tracing partner
"We welcome the opportunity to work with other research partners, participating firms and supporting organisations to raise the profile of this important issue. The techniques we will apply to this research can assist all asset managers to address their dormant and unclaimed assets."
"Our mission is to make investment better for all stakeholders. Part of that is ensuring that our investment firms – our members – have the best tools available to manage their on-going relationships with customers. Knowing the scope and scale of the unclaimed assets challenge will help firms to make their management of client assets better."
Regulatory & Compliance Specialist
The Investment Association
"Our members' relationships with clients are the cornerstone of their business. But, even with the best will and the best processes, wealth managers can lose touch with some of their clients. This research is about minimising that problem and addressing it where it has arisen. We look forward to the results which will very much help inform our members on this issue."
Director of Operational Policy & Research, Wealth Management Association
From the Regulator
FINANCIAL CONDUCT AUTHORITY
In October 2015, Assets Recovered presented its business model to the CASS team at the Financial Conduct Authority, who accepted it without reservation. Kage Strategy has recently briefed the Financial Conduct Authority on the purpose, method and tracing approach of the unclaimed and dormant assets research project. In response, the FCA has issued the following statement:
"The FCA welcomes initiatives aimed at increasing industry’s understanding of the scope of policy, legal and operational issues in unclaimed and dormant assets and of the scale of the problem. The FCA also welcomes initiatives aimed at resolving and returning unclaimed or dormant assets to their owners and preventing further assets from becoming unclaimed or dormant."
Manager, Client Assets Policy, Specialist Supervision Division
FINANCIAL CONDUCT AUTHORITY
9 June 2016