Lifestyle Article - Kirsty Cooper appointed industry champion for dormant assets

 The Independent Dormant Assets Commission was set up in December 2015 to look at whether the dormant assets scheme, made up of bank and building society deposits, could be extended to other assets such as insurance products, stocks and shares, and pensions that have been classed as dormant. Aviva supported the initiative and Kirsty Cooper served as the Commissioner for Life & Pensions.

 The champions for the expanded dormant assets scheme will work with the financial services industry to improve reunification processes, develop appropriate definitions of dormancy and consider the practicalities of expanding the scheme in their sector. Customers will continue to be able to reclaim lost assets at any time.

 Welcoming her appointment as the insurance and pensions champion for the expanded dormant assets scheme, Kirsty Cooper, Aviva’s Group General Counsel and Company Secretary, said: This is an opportunity to put unclaimed money to work for good causes. Since 2011, dormant assets schemes have already distributed hundreds of millions of pounds from unused bank and building society accounts, to benefit the most vulnerable people in our society. With appropriate safeguards in place for consumers, we should be able to expand the scheme to other assets such as life and pensions policies.

 Over recent years Aviva has run a number of programmes to re-unite customers with their unclaimed assets. Last year, it re-established contact with 133,000 lost customers and is now providing them with information about their policy and benefits.