The biggest barrier is the lack of information and recall among individuals about their dormant accounts.
Only a third of people can remember the name the account was registered in, only a quarter can recall the address, and similar proportions remember the provider name and account type.
Fewer than one in five remember the account number or value, and one in ten say they do not recall any details.
Additionally, only 15 per cent believe they could find any associated paperwork, and 13 per cent remember little because someone else set up the account on their behalf.
Without the industry stepping in to help these customers, it is clear that it could be years before this money is returned to individuals, with some likely never to be reunited.
Best interests of clients
The consumer duty has put the emphasis onto financial firms to act in the best interest of their clients.
Now is the time that as an industry we can all step up and help our clients address the dormant asset problem in the UK. If one TV programme can reunite millions of pounds then think what we can collectively do.
This billion-pound problem not only affects individual consumers but also has broader implications for the financial industry and society at large.
The positive impact of reclaiming dormant assets extends beyond individual financial relief; it contributes to the broader economy by ensuring these funds are put to productive use.
Therefore, the role of financial advisers is more critical than ever.
By focusing on client education, offering personalised advice, and supporting the recovery of dormant assets, we can make a significant difference in improving financial wellbeing and addressing broader economic challenges.
We are committed to supporting and improving financial outcomes for consumers by facilitating a seamless connection between customers and financial companies, ensuring that individuals can easily reclaim what is rightfully theirs.
Duncan Stevens is chief executive of Gretel
