TISA website
The Tax Incentivised Savings Association is undertaking a survey to establish the position of unclaimed accounts and how to increase investor participation.
The survey will be looking at unclaimed accounts from the perspective of regulatory, legislative and data quality perspectives.
It hopes to use the findings to establish a common set of procedures and best practice targets. These will reduce the amount of unclaimed accounts, reduce risk and increase investor participation.
The process is the same procedure the organisation used for other initiatives such as its recent platform re-registration project.
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Carol Knight, TISA director of member services, said: "It is clear that the industry has to do more to ensure that customers' data is accurate, regularly maintained, adequately protected and effectively linked with providers' IT systems. This is the only way we are likely to see a significant reduction in the number of unclaimed accounts and at the same time increase investor participation. This will also help to allay the concerns of the regulators.
"TISA has established its data project group to bring the industry together to deliver positive outcomes for consumers and providers alike. This survey is an important starting point from which we can assess the scale of the challenge."
TISA already has support from 19 major organisations and expects to report its findings by April.
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