High-tech register to track down 'lost' shares

A new database has been launched in a bid to reunite investors with more than £3bn of unclaimed shares and dividends.

The Unclaimed Assets Register, which already holds information on the owners of forgotten life policies, pensions and unit trusts, is extending its database to include unclaimed shares, dividends and securities.

The register estimates there are a total of £15bn in financial assets unclaimed by the public.

Several Footsie 100 companies, including BP, BT, Prudential and Vodafone, have already agreed to provide information to the register.

The UAR hopes to have details of unclaimed shares and dividends from the majority of Footsie 100 companies within 12 months.

Scottish Widows is also providing data on members who were entitled to windfall shares when it demutualised, but who the group were unable to trace.

Keith Hollender, managing director of UAR, says: "The main reason for investors losing track of their shareholdings is their own failure to inform registrars of a change of address.

"With 1.5 million house moves a year and so many pressing things to think about when relocating, share registrars tend not to be top of the list and can often be permanently forgotten.

"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 Footsie 100 have undergone a name change."

Since its launch 18 months ago, the UAR has reunited investors with more than £1.3m of lost assets, with amounts recovered ranging from as little as 92p to £36,000. It costs £15 to search the database for unclaimed shares, life policies, personal pensions, and unit trusts, followed by a second search 12 months later.