moneysupermarket.com: Select Committee’s recommendations on dormant funds

Commenting on the Treasury Select Committee (TSC) recommendation that banks, building societies and National Savings actively look to reunite customers with dormant funds, Kevin Mountford, head of savings and current accounts at price comparison website moneysupermarket.com, said: “While it’s encouraging to note some work has already been underway to match customers with their cash, this is perhaps the kick many banks and building societies needed to do more.

“This recommendation is great news for consumers who could find themselves with an unexpected windfall they forgot they had. The estimate of a forgotten £400 million in bank and building society accounts may be a conservative one – the real amount could run into billions. The TSC’s recommendation is likely to have been made as a way to generate much-needed donations to charitable causes, but savers should be able to reclaim their cash at any time if they can prove ownership.

“Halifax has been quick to point out it has reunited customers with £6 million, but Alliance & Leicester should also be commended for returning £31 million to 19,500 customers.

"moneysupermarket.com is also calling on the hunt to be extended to dormant money in windfall shares, pensions, investments and National Savings prize money. The amount of unclaimed prizes alone is around £750 million.

“The issue of dormant accounts was first raised in the 2004 Budget so it has taken a while to come to fruition, but it now represents good news for those set to be reunited with their money. There are a number of ways in which you can check for and make necessary claims, starting with information from the bba.org.uk website.”