On 7 March 2018, the Association of British Insurers (ABI) published a framework designed to help firms operating in the life and long-term savings market to better identify, trace, verify and manage those customers with whom they have lost contact ("gone-aways"), to assist them in re-engaging with such customers in a timely manner.
The framework sets out 11 principles for providers to consider when making their own judgements on how best to manage and prevent gone-away customers, and prevent more customers becoming gone-away. The principles, which are supported by illustrative examples of activities and practices that may assist with this, include:
- creating a dedicated role or team within organisations, focused on re-engaging with goneaway customers;
- using credit reference, electoral roll and/or Department for Work and Pensions data, where available, to aid with locating gone-away customers;
- using the services of an external tracing agency to screen customers to check whether they have moved without informing their provider.
The ABI says the framework will help firms ensure that they use the most effective techniques for reuniting customers with their pension savings before funds can move into the Dormant Assets Scheme, as proposed by the Government in February 2018.
In order to ensure that the framework remains up to date, the ABI intends to review it in April 2019.