Trace and Claim Missing Shares and Unclaimed Dividends

Estimates are around £3 billion is owed to UK investors from unclaimed shares and dividends. A wave of corporate mergers, acquisitions, restructurings, share spin-offs and name changes has dramatically increased the amount of lost securities.  On average, between 2% and 5% of a company’s shareholders have either moved from the address to which the company sends correspondence, or have died.

Companies House regulations stipulate that shares may not be cancelled if a holder cannot be traced, shares belong to the registered holder or rightful heir.  Stockholders in companies that merged or were acquired may also be entitled to collect spin-off shares, cash distributions or dividends from the restructuring, even if shares were sold long ago.

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Trace a Missing Life Insurance Policy

Life insurance policies are an easily forgotten source of unclaimed funds, due to their long-term nature. Sources very conservatively estimate £2bn is languishing in forgotten and unclaimed life policies around the UK.

It is ultimately the responsibility of family members to notify the life insurance company of a policy owner’s death.  But benefits frequently go unclaimed on death of the insured, because heirs aren’t aware a policy exists, or don’t know how to find it. Many local mutuals and friendly societies, for example, issued low-premium savings products as a form of life insurance.

When missing heirs neglect to claim life policy benefits after death of the insured, policy cash and benefits are held until claimants come forward, but little effort is made to locate them. Family members can be difficult to trace, due to name changes after marriage or divorce, an unreported change of address or expired postal forwarding order after a move, and incomplete or illegible records. Adding to the problem – insurance companies themselves often merge with other companies and change names.

If you have reason to believe a life insurance policy exists but have not received payment and cannot locate the underwriter, complete the form below to initiate a search.

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And don’t assume that because your bank or building society no longer exists that unclaimed funds are gone forever. Your account may have been transferred to a successor after a merger or acquisition. Account owners – or their heirs – can reactivate the account and reclaim the money.

To trace and claim a missing bank or building society account complete the form below:

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Government custodians are holding £15bn in unclaimed money owed missing owners and heirs. Assets go unclaimed after the original owners or rightful heirs fail to communicate an interest in them over a period of time.

Most missing heirs do not know they are entitled to receive this money, because entitlement arises from the death of a family member who failed to leave behind complete financial records.

Holders make only a limited effort to track down rightful owners, but it’s a near-impossible task for a number of reasons. Claimants often cannot be found because they’ve moved, switched jobs, changed name after marriage and divorce, or as a result of computer and clerical errors.

The  Bona Vacantia Division of the  Treasury Solicitor’s Office maintains a database of unclaimed estates which have been recently referred but not yet administered; as well as historic cases which have been administered but not yet been claimed within the 30-year time limit for doing so.

Search the unclaimed estate database for assets left behind by a deceased family member: 

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Assets are considered dormant when contact with the owner is lost – typically due to a name change after marriage or divorce, an unreported change of address or expired postal forwarding order, and incomplete or illegible records.

It’s important to note millions of family members remain unaware they’re entitled to collect unclaimed assets owed deceased relatives, who passed on without leaving updated financial records.

The majority of this lost money comes from dormant bank accounts, orphan pensions, unknown windfalls, missing shares and abandoned dividends, forgotten life insurance policies, National Savings Certificates and Premium Bonds which have not been redeemed; but also included is £300 million in unclaimed National Lottery winnings!

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Standard Life converted from policyholder ownership to a stock company – a process called demutualisation – on 10 July 2006. Eligible Members are entitled to receive shares in Standard Life plc, as a consequence of this demutualisation.

Generally speaking, you qualify as an Eligible Member if, at the time of the demutualisation – 10 July 2006 –  you were a policyholder on or before 30 March 2004; and the policy was continuously invested, with profits, with Standard Life from 30 March 2004 up to 31 May 2006.

Some 300,000 of the 2.4 million policyholders entitled to receive shares arising from demutualisation failed to claim their windfall, worth £291m.

These 112m unclaimed Standard Life plc shares – equivalent to 4.8% of the company’s total shareholding – have been placed in a trust, and may be claimed up to ten years from the date of the flotation. Any dividends payable on the shares are also held in the trust, and distributed when customers come forward to claim their shares. Note these shares are in addition to policy benefits, which remain unaffected.

Trace Your Unclaimed Funds Now!

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For savers, the merger bonus will be worth 5.75% of either their total balance at the close of business on September 11, 2006, the day before the merger was announced; or of their total balance on Friday, August 24.

Payments will average £445, and will be distributed September 17, 2007. Note Nationwide members are not eligible to receive a windfall.

Also, on 31 October 2007, Nationwide Building Society, the UK’s second largest savings provider, announced that it will be launching a campaign to reunite 24,000 members with money held in unused accounts with the Society. Nationwide has approximately £42 million in dormant accounts!

Customers who would like to reactivate a dormant account can do so by visiting their local branch with their passbook or card or, if these are lost, proof of identity. You may also submit an online claim form requesting account records to be searched – see below.

Trace Your Unclaimed Funds Now!

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Halifax Building Society converted from member ownership to a stock company – a process called demutualisation – in June 1997. Qualifying Members were entitled to receive shares in Halifax plc, as a consequence of this demutualisation. To be eligible to make a claim, you must have had a mortgage or savings account continuously between 24th November 1994 and June 1997.

After demutualisation in 1997, savers or mortgage holders had three years to claim their shares. The shares were sold in 2001 for £8.34. Some 75,000 former members had until August 2010 to claim their share of the proceeds of sale – £158m cash – which is paid without interest, but does include associated dividends and other related payments.

While those qualifying members who did not claim their shares before 2001 can no longer receive shares, they can still claim the proceeds from the sale of those shares, along with associated dividends and related payments.

If you believe you are entitled, contact Shareholder Solutions, a trading name of Computershare Investor Services plc. You will be issued an Eligibility Form so that your claim can be validated.

Note: In 2001 HBOS was formed by the 2001 merger of Halifax plc and the Bank of Scotland. The HBOS Group Reorganisation Act 2006 resulted in the transfer of Halifax plc to the Bank of Scotland. The group became part of Lloyds Banking Group following a takeover by Lloyds TSB on 19 January 2009. Lloyds TSB was subsequently renamed Lloyds Bank on 23 September 2013. For additional information go to: www.lloydsbankinggroup.com.

Trace Your Unclaimed Funds Now!

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If had an account with a bank or building society that is now part of Halifax or Bank of Scotland, including: North Brierley Equitable, Alford & District Investment Benefit, Braintree & Bocking, Yarmouth & Gorleston, Hull, Chertsey, Newton, Haydock & Golborne Permanent Benefit, Wakefield, Leeds Permanent, Birmingham Midshires; Union Bank of Scotland Ltd and The British Linen Bank Ltd; contact HBOS to reclaim your funds.

Be prepared to supply the following information: The account holder’s complete name and previous addresses, which institution held the account, and whether you have a passbook or other documentation, such as a statement or cheque book. If you are searching for an unclaimed account for a deceased or incapacitated friend or relative, you must provide proof entitlement, which could include a death certificate, probate, power of attorney, copy of a will or lawyer’s letter regarding a will.

To reclaim shares arising from the Halifax demutualisation in 1997 go to: Halifax Unclaimed Demutualisation Shares.

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The realised value of such assets is paid by the QLTR into the Scottish Consolidated Fund for use of the Scottish Executive on behalf of the people of Scotland.

► For a current list of unclaimed advertised estates fallen to the Crown in Scotland go to: Estates Fallen to the Crown 

Note:  From 1 January 2008, unclaimed estates will be removed from this list 10 years after the date of death, or 2 years after date of first advertisement in the Edinburgh Gazette, whichever is the later. The QLTR will accept claims only within 10 years of date of death or 2 years after the first advertisement, whichever is the later.

Any blood relative of a person listed below who wishes to claim that person’s estate must apply to the Commissary Department of the Sheriff Court in the area in which the person lived, for appointment as Executor Dative. The Commissary Department will advise on how to obtain Confirmation, and explain the legal duties of an Executor Dative. Once Confirmation is obtained, that document should be forwarded to The QLTR Unit, which will pay out the estate funds to the Executor named in the Confirmation.

Scotland Crown Office Unclaimed Estates
The QLTR Unit Crown Office 25 Chambers Street Edinburgh, EH1 1LA Tel: 0844 5613899 - (General Enquiries) Fax: 0844 5614276 Email: coqltr@copfs.gsi.gov.uk http://www.crownoffice.gov.uk/	Unclaimed Estate Search Scotland Unclaimed Estates Tel: 0844 5613805 or 0844 561 4468 - (Bona Vacantia including Dissolved Company Cases) Tel: 08445613806, 0844 5613802 or 0844 561 4468 - (Ultimus Haeres Cases) Tel: 0844 5613806, 0844 5613805 , 0844 561 4468 - (Treasure Trove)

Trace Your Unclaimed Funds Now!

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