Heads of terms for unclaimed assets research project
Assets Recovered will receive client-level data from participants and conduct tracing of (i) live clients , and (ii) estates of deceased clients.
Assets Recovered (AR) will provide a secure online environment for all client data. Clients will upload data using an IP white-label. End-client data will not be shared with any party for any purpose other than with third-party suppliers for tracing activity. Third-party suppliers will not be informed of the sources of the data. AR will provide anonymised extracts of client-supplied data for subsequent analysis (by Kage Strategy). The extracts will not identify source firms.
what the firm will provide to assets recovered
The firm will provide AR with 15,000 randomised client records originated pre-2005 – based on a randomised sample frame to be agreed with each participant – showing:
- client name fields
- address fields
- date of bith
- date of origination
- date of last client activity
Note that this data is required for research purposes. It is more data than would normally be required for routine tracing activity.
what AR and the firm will provide together
AR will agree with participating firms standardised scripts for jointly-branded contact with executors of deceased clients’ estates.
what assets recovered will provide to the firm
Where economically viable, AR will trace each client and provide the results to the firm using the following classifications:
- living as stated
- living, new address (which will be provided to the firm at no charge)
- deceased (including date of death and distribution thereof)
- not traced
ACTING AS AGENT FOR DECEASED ESTATES / payment
Where (i) the client died more than two years ago and (ii) value of assets exceeds £750, Assets Recovered will approach the executors of estates of deceased clients and offer to act as agent to realise asset value and return funds. AR will only act with prior agreement of the Executor. AR will charge an agency fee of 10% of value of the assets held (plus VAT). For these client accounts, payment will be made to a solicitors’ nominated client account (at Bower Cotton Solicitors LLP). Bower Cotton will settle all payments to estates and AR’s agency fees.
AR will provide initial tracing reports within 3 weeks of receipt of client data; all tracing will be completed within 90 days of receipt of data.
agreement and other terms
- AR will transfer the anonymised sample of all participant firms’ records to Kage Strategy for subsequent purposes connected with this research project.
- Participant firms will bear no costs for the research other than preparation of their own data sample (or, separately, as a Research Partner)
- Subsequently, AR can refer to the firm’s participation in the research study
- AR will provide participants with a detailed written agreement