Millions of vulnerable people are missing out on lost assets: The rising number of vulnerable people in the UK should be a wake-up call to all financial institutions
The number of vulnerable people in the UK has risen to an overwhelming 27.7 million people, up by seven million adults in the seven months between March and October during 2020, according the Financial Conduct Authority (FCA’s) Financial Lives Survey. Experts fear this group is most at risk of losing out on the missing old bank accounts and lost assets worth over £50 billion.
Duncan Stevens, CEO of Gretel, a free online search tool designed to help find missing financial assets, said: “The staggering number of people considered vulnerable, which is up 15% in the last year, make it among the most pressing priorities to be addressed by financial institutions in 2021.”
“A significant proportion of dormant assets belong to vulnerable customers including those considered elderly, infirm or mentally or physically incapacitated. The recent rise in cases last year proves more people are being classed as vulnerable due to illness or redundancy as a result of the pandemic. There is a risk they are being disadvantaged by the lack of access to these dormant accounts as existing search services do not necessarily cater for these types of customers.”
Gretel is designed to help consumers find everything from their first bank account to a forgotten pension. The system uses cutting edge technology to search the whole of the UK’s financial industry – bank accounts, pensions, child trust funds, premium bonds, investments and life insurance policies – to discover the customer’s past ‘financial path’, where they may have left money.
By using technology to make financial data and your financial past a simpler place to find, and by bringing together companies and consumers, Gretel creates a “hub” which acts as a one stop shop for finding and recovering lost assets. It has been designed to benefit everyone, including those who may struggle with their finances or are considered vulnerable by using intuitive technology.
Once Gretel has found a customer’s pot of money, it will connect them with the financial institution such as the bank or pension provider and provide them with the tools to reclaim their money. Most importantly for those on low incomes, membership to the Gretel platform and its use, is free.
Duncan Stevens adds, “We believe consumers are entitled to receive all of the value of the money due to them and should not have to pay to get back their own money. The rising number of vulnerable people in the UK should be a wake-up call to all financial institutions that they need to do more to help those most in need. We hope Gretel can reunite lost assets with those who will benefit the most.”
To find out whether you have lost assets, simply log on to www.gretel.co.uk.
