Since 2011 the Dormant Assets Scheme has distributed £600 million from unused bank and building society accounts to good causes. This money benefits the most vulnerable people in society. Aviva’s Kirsty Cooper is the industry champion for the insurance and pensions sector.
Commenting on the launch of the Insurance Champions’ report on an expanded Dormant Asset Scheme, Kirsty Cooper said:
The recommendations in this report aim to protect customers while using dormant assets for good causes. The key principles in an expanded scheme are that providers must prioritise reuniting customers with their money and that owners must be able to reclaim their assets in perpetuity. These principles are vital to maintaining customer trust.
I am proud to have led the insurance and pensions part of this work and I hope that providers, regulators and other stakeholders will engage with the recommendations. An expanded dormant assets scheme should be a win-win for customers and society as a whole.
1 The Dormant Assets Scheme: A Blueprint For Expansion, p. 1 https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/
Notes to editors:
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets (as at 31 December 2018). Total group assets under management at the Aviva group are £470 billion (as at 31 December 2018).
- Aviva helps people save for the future and manage the risks of everyday life; in 2017, we paid out 98% of all our claims across all our markets and insurance products. We paid £34.6 billion in benefits and claims in 2017.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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