Dormant Assets Scheme Insolvency Solution

The Dormant Assets Scheme seeks to unlock dormant funds for good causes while protecting customers’ right to reclaim their money. It enables eligible firms to voluntarily transfer dormant assets to Reclaim Fund Ltd (RFL) and be reimbursed for any customer reclaims that happen after this transfer.

If a Scheme participant becomes insolvent and there appears to be no successor firm to take on its contractual obligations with RFL (‘a disorderly insolvency’), RFL is responsible for ensuring that customers can still reclaim their money. RFL would need to outsource a customer reclaim service in this scenario.

This service needs to be designed, prepared, and maintained ready for rapid activation if triggered by a disorderly insolvency.

RFL is seeking to procure a customer reclaim solution and service. It will involve developing a technology solution, service design, and outsourced capability to:

-Interact with the insolvency practitioner and RFL to obtain relevant data;

-Import and store relevant data on dormant assets from an insolvent firm or their insolvency practitioner;

-Interact with customers on dormant asset reclaims and complaints in a way that is compliant with RFL’s processes and policy requirements and relevant legislation and regulations; and

• Verify and process customer reclaim requests, working with insolvency practitioners to provide equivalent treatment with ‘live’ customers.

The solution should then be maintained in a standby state, with annual reviews, until or unless a disorderly insolvency triggers the activation of the agreed service. While stage a a disorderly insolvency is considered unlikely, RFL must assure itself that customers’ rights are appropriately protected should it be necessary.

For more information about this opportunity, please visit the Delta eSourcing portal at:

www.delta-esourcing.com/tenders/UK-UK-London… ↗

To respond to this opportunity, please click here:

www.delta-esourcing.com/respond/CKM3QXNM25 ↗