Investors helped to find unclaimed dividends and windfalls

The Unclaimed Assets Register (UAR), which holds details on lost or forgotten life policies, pensions and unit trusts, is to be extended to include £3 billion in unclaimed dividends and other securities.

The initiative supported by investor organisations, FTSE 100 companies, and many other companies now includes Scottish Widows, which is among the first of the de-mutualised companies to provide data on those who are entitled to unclaimed windfall payments.

Announcing the initiative, Keith Hollender, Managing Director of the Unclaimed Assets Register, said: "The main reason for investors losing track of their shareholdings is their own failure to inform registrars of a change of address. A cocktail of moving, marrying and dying are the main causes of a lost investment - and company name changes do not help. Since 1995, 44 of the FTSE 100 have undergone a name change or a takeover."

Hollender added that many people simply fail to appreciate the importance of documentation such as share certificates, life or pension policies with many valuable documents ending up in the rubbish bin.

In all, it is estimated that some £15 billion of financial assets remain unclaimed by investors UK. Almost two million records valued at around £3.5 billion are presently held by the UAR. This expected to rise to five million records by the end of the year.

Over the last 18 months, the UAR has reunited in excess of £1.3 million to its rightful owners with the largest amounting to £36,000. Launched 18 months ago, the UAR database may be searched by paying £15.

Life policies, personal pensions, dividends and unit trusts are presently being logged. These are shortly to be supplemented by occupational pensions and ultimately, dormant bank and building society accounts. (SP)