Maintaining contact with our customers is extremely important to us as this helps customers understand the value of the products we provide. However, sometimes customers lose touch with their investments by, for example, moving house and not updating their contact details. Losing contact with customers is an industry-wide challenge.
Kirstine Cooper, Aviva Group General Counsel and Company Secretary, recently served as a member of the Dormant Assets Commission and led its insurance and pensions work stream. Working with the ABI and other stakeholders, the Commission developed proposed definitions of unclaimed assets for different investment products. It also recommended a framework to enable money that is truly lost or dormant to go to charity, whilst protecting owners’ right to reclaim their funds at any time. The Commission’s report was launched on 3rd March 2017 and the Government is now considering its response to it.
At Aviva, we will build the relevant recommendations into our existing unclaimed assets programme, which has been running since 2011, as part of our focus on doing the right thing for our customers.