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Pensions and investments left untouched for years will be handed to good causes under plans to expand the dormant assets scheme, the Government has announced.
An estimated £800million could be raised by broadening the scope of the existing project, which has raised £745million from inactive bank and building society accounts since 2011.
A rule that money must always be returned in full should the original holder ever come forward will apply, and firms will still have to try to contact old customers and reunite them with their cash.
Dormant funds: Orphan pensions and investments worth £800m could be handed to charity
L&G launches pension tracing service for consumers and IFAs
By Michael Klimes 7
Legal and General has launched a new pensions tracking and consolidation service.
In August 2019, it acquired consolidation company MyFutureNow that allows customers to trace their lost or forgotten pension pots.
At the time it said the MyFutureNow platform will become available to IFAs seeking to provide this service to their clients or individual consumers.
Now the tracing service has launched with several options open to those who use it.
According to L&G it has a one-off fee of £100 with no obligation to buy a product once tracing is complete.
The Association of British Insurers said the number of car insurance claims as a result of the lockdown.
Just 324,000 claims were made during April and June compared to 678,000 claims between January and March.
Experts at insurance firm By Miles have previously claimed insurance firms could make £1billion during the pandemic by failing to pass on savings to customers.
Insurance firms are required to offer some financial help to road users but do not need to offer full refunds.
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In a temporary reprieve, Ms Devine warned the new lockdown could see lower prices offered to drivers in the short term if traffic levels fall.