Rise of digital and online banking leading to £200bn+ unclaimed assets in the UK

November 21st 2022

A recent survey conducted by Direct Line Life Insurance found that 88% of practitioners are finding it more difficult to identify all estate accounts due to the rise of digital and online banking.

Many online banks now enable clients to access their accounts through the use of facial recognition or fingerprints. These digital accounts no longer having physical cards or paperwork. Executors of estates are often left unable to access these or find any details of them after their loved ones have died.

The Direct Line survey found that 38 per cent of people they spoke to did not know where a loved one held all their financial accounts when dealing with their estate.  

Two fifths of people correctly believe this is the responsibility of the executors of the estate, however one quarter mistakenly think it is the responsibility of the family and nine per cent placed responsibility with the acting solicitors.

How much do you know about your loved ones digital assets and is this information we should be sharing more with our families and those closest to us?

88 per cent of probate lawyers believe the rise in digital banking has made it harder to find a deceased person’s financial accounts