Lord Newby opened by welcoming the governments proposals and a number of the Bills features, but went on to raise a number of issues, the first of which was the importance of trying to reunite assets with their owners before the assets reach the fund.

“It is much better for the owners of the assets to use them as they wish rather than for
someone else, whether it is the Big Lottery Fund or anyone else, to use them on their behalf. One interesting issue is what scope there is for reuniting people with their assets. According to evidence that I have seen from an organisation called Heirtrace, some 80 per cent of currently dormant assets can be reunited with their owners if sufficient effort is put into it. …….. Although that figure seems high, even if it is only 50 per cent it would be worth making a considerable effort to try to reunite people with their assets or to ensure, as the Unclaimed Assets Charity Coalition is at pains to point out, that assets which may be dormant at the time of someone’s death and might be allocated to a charity can find their way to the charity specified in the will.”

For a full hansard transcript of Lord Newbys statement and the remainder of the Dormant Bank and Building Society Accounts Bill debate visit parliament.uk

 His last executive position was as Deputy Chief Executive of NFU Mutual from which he retired in 2006.  Bob had previously held senior management positions in companies which merged to form Aviva plc.  He has also been involved in the development of the insurance industry having held committee and non-executive positions the Association of British Insurers, the General Insurance Standards Council and the Insurance Ombudsman Bureau (now part of the Financial Ombudsman Service).  

Mike Eve, Chairman of Heirtrace said “We are delighted that Bob has committed himself to working with us as this will bring extensive financial services experience to our role as an initiator of a new attitude to the solution of the problem of undistributed assets”. Bob Newton said “I am very enthusiastic to support Heirtrace in its core business of ensuring that undistributed assets get to their rightful owners so as to ensure their availability to those who should benefit and also help improve the public image of the financial services sector.” Notes to editor 

Heirtrace is a leader in providing pro-active search services to Lawyers, financial institutions and pension funds to reunite assets with owners/heirs. It also provides services to membership organisations, schools and universities. Its subsidiary company, UK People Finder, provides search services to personal clients via its website ukpeoplefinder.co.uk. Its key strategy is to utilise individual intelligence and advanced technology to achieve an exceptionally high level of success for its customers. 

For further information please contact: 

Michael Eve, Chairman on 07714 329136 or Danielle Zitman, Director of Marketing on 01638 663936, or Danielle@heirtrace.co.uk or visit www.heirtrace.co.uk

There are currently very large amounts of financial assets in dormant accounts and/or where the financial institution has lost touch with its customer. High Corporate Governance standards require that more focus be placed on this matter, especially within the context of treating the customer fairly. A high proportion of the cases can be solved using modern techniques.

Danielle joins Heirtrace from a major charity where she was in charge of managing national events, obtaining sponsorship, raising finance etc. She is an honours Graduate from Leeds Metropolitan University and has broad commercial experience from activities undertaken since graduating and while a student.

Danielle commented “I am very excited to be joining Heirtrace at this important stage of its development. A major opportunity exists to build a profitable business while providing a really valuable service to those who regain their assets and/or reconnect with family members”.

Michael Eve, Chairman said “We are delighted to attract someone of Danielle’s calibre to lead the growth of our business. This is a great opportunity for all parties to build an organisation that really makes a difference to those whom it serves”

Notes to editors

The Heirtrace Group is a leader in providing pro-active search services to individuals, companies and the legal profession in the UK and internationally. Its key strategy is to utilise individual intelligence and advanced technology to achieve a high level of success for its customers.

For further information please contact:

Danielle Zitman, Director of Marketing 01638 663936 danielle@heirtrace.co.uk