Before recession bites, time to reel in your riches
'Could you lay claim to a share of 5.5 billion?' asks IFA Promotion
As the economic slowdown starts to take its toll on UK jobs and investments continue to suffer, IFA Promotion is urging people to hunt around for lost or forgotten assets. As part of its bi-annual Undiscovered Billions research, the organisation promoting the benefits of independent financial advice has identified a 5.5 billion sump of 5.5 billion assets, languishing unclaimed in benefit office coffers, prize funds and the vaults of Britain's savings and investment institutions.
David Elms, Chief Executive of IFA Promotion, commented, "There are 5.5 billion of 'homeless' assets up for grabs and some of this could be yours. With Christmas fast approaching and the slowdown in the economy, now's the perfect time to be reuniting yourself with long lost or forgotten funds."
The report's key 'finds' include:
- 2.5 billion of unclaimed state benefits, including housing benefits, Council Tax benefit, Family Credit and Income Support
- 1.6 billion worth of unclaimed stocks & shares
- 628 million in stray unit trust assets
- 125 million worth of forgotten life assurance policies investors
- 41 million in National Lottery prizes and 20 million in Premium Bond prizes going begging
Elms concluded, "A life policy here and a windfall cheque there can mount up, so we're urging people to dust off their old documents and reclaim what's rightfully theirs. IFAs are used to helping retrace lost assets, by trawling back through their clients' records and those of the companies they've invested with."
To begin the hunt for lost or forgotten assets, contact your independent financial adviser or call IFA Promotion's freefone hotline 0800 085 3250 or visit the website at www.unbiased.co.uk for details of local IFAs and a free financial log book for storing your current financial details.
For further information please contact:
| David Elms CEO IFA Promotion 020 7833 3131 | or | Richard Winder / Shellie Wells Lansons Communications 020 7490 8828 |
| Or with technical questions specific to the research findings, contact: Paul Hersey Research and Knowledge Management (RAKM) 01737 773 497 |
Notes to Editors
1. The Undiscovered Billions research was conducted for IFA Promotion by independent research agency, RAKM. It is the fourth report examining the value of cash or assets that could be recovered by better planning or that have been forgotten, lost or simply never claimed.
Buried Treasure
| Benefits | m paid | m not claimed | % unclaimed |
Total | 26,075 | 2,530 | 10 4 9 24 16 25 |
| Other assets | Capital sum |
Total | 2,943 |
* less than 500,000; ** Holdings not holders
Source: RAKM for IFA Promotion
2. Independent Financial Adviser Promotion
Independent Financial Adviser Promotion Ltd. was established in 1989 to promote the value and accessibility of independent financial advice to the public. It represents nearly 10,000 firms of independent financial advisers across the UK and is sponsored by 32 leading financial institutions.
IFA Promotion's central belief is:
"Consumers have a right to financial advice that is independent of the providers of financial products - i.e. independent financial advice."
Furthermore independent financial advice should be:
- Affordable. The option to take independent financial advice should be available, by right, to all - not just the wealthiest in society.
- Convenient. IFAs should be available in the location of the consumer's choice, wherever they live in the UK.
- Transparent. It must be clearly transparent to consumers who is able to offer independent financial advice and who is not.
| AXA Sun Life Barclays Global Investors Funds BUPA Canada Life Clerical Medical Investment Group Dresdner RCM Funds (UK) Ltd. Eagle Star Family Assurance Friendly Society Ltd Friends Provident INVESCO Fund Managers Ltd Investec Asset Management Legal & General Merrill Lynch Investment Managers National Mutual National Savings Norwich Union Life | NPI |