Landmark Information Group signs partnership with Experian
In addition to automatically contacting over 200 financial institutions to identify lost or dormant financial assets such pensions, life policies, unit trusts, FTSE 100 shares and bank accounts, the Landmark FAS service now integrates with UAR to request a search of their database, which contains around five million records of unclaimed financial assets.
The UAR is a service provided by Experian that reunites consumers with their lost financial assets and providers. It also helps insurers, pension providers, financial institutions and listed companies address the issue of unclaimed money by providing a single source to search for lost investments.
Businesses regularly submit their customer data to the Register for tracing to help reunite consumers with lost assets, as well as authenticate consumers’ entitlement to assets.
Jo Buxton, General Manager, Insurance from Experian said: “With billions of pounds of financial assets lying unclaimed, and UK consumers managing more financial services online, it is getting harder to find records of their lost or forgotten assets. The UAR holds nearly five million records of individuals who have unclaimed monies and is invaluable in helping people locate these lost assets and putting probate professionals in touch with financial providers to reclaim clients’ money. By working together with Landmark Information Group, integrating the UAR into its Landmark FAS service, we are providing a quick and easy way to identify potential assets, from one simple online order.”
Commenting on the agreement, Alison Douglas, Product Manager from Landmark Information Group said: “Whilst financial institutions make every effort to find lost customers when funds are due to be paid out, these efforts are sometimes unsuccessful and as a result, assets can become lost. Now, via one single platform, probate professionals can initiate a wide number of searches that will deliver comprehensive results and ultimately help unite their clients with any unknown or lost assets so they can be taken into consideration as part of the estate administration process.”
When a probate professional instructs an order through Landmark FAS, details of the deceased are automatically sent to over 200 financial institutions for processing and a report is delivered in 28 days outlining the feedback received. This will now include the findings from the Experian UAR search, in addition to the existing FTSE 100 Share Search. To help with customer efficiency and to manage costs of this disbursement, the Experian UAR data search is included at no additional cost.