Gretel has launched its fully digital tracing service for financial institutions including life insurance providers, banks, investment companies, and pension providers.
e-trace allows firms to identify verified digital contact details and reach customers via secure online channels, removing the cost and environmental burden of traditional mail-based methods.
In 2016, the Financial Conduct Authority (FCA) issued guidance on the fair treatment of long-standing customers in the life insurance sector, to ensure ‘closed book’ customers are treated fairly and don’t receive less attention than customers who have recently taken out a policy.
Discussing how firms can take effective action to locate and contact ‘gone-away’ customers, the regulator said respondents to its guidance consultation highlighted a reduction in the number of advisers and an overreliance on paper communication by firms as significant contributory factors. Digital propositions were suggested as a means of improving customer engagement.
FCA confirms final rules for expanded dormant assets scheme
The FCA’s Consumer Duty and the Dormant Assets Act 2022 now requires firms to show proactive, fair, and outcome-focused engagement.
“Tracing shouldn’t be a reactive exercise triggered only when accounts go dormant. e-trace helps firms act earlier, engage customers digitally, and maintain trust over time,” said Duncan Stevens, CEO of Gretel.
“It transforms tracing from a compliance necessity into an ongoing part of responsible customer lifecycle management.”
