The Unclaimed Property regulatory landscape for financial institutions is now more complex. Responding to these changes involves managing multiple work streams across distinct businesses and disparate administrative platforms on an ongoing basis. The changing nature of the approach that the states are taking, particularly the use of success-based compensation of third-party audit firms, has increased the stakes for non compliance. Penalty and interest assessments incurred by holders due to the application of earlier abandonment dates and the use of estimates have greatly raised the importance of ensuring compliance.
Guidehouse’s experts in our Insurance and Investment Management practice summarize the current Unclaimed Property regulatory environment, the impact it has on our clients, and the solutions our professionals provide to help plan, assess, manage, and ensure ongoing compliance.