Tracing

Our comprehensive tracing solution ensures customer data accuracy and supports you with Financial Conduct Authority (FCA) compliance.
Female employee looking at data and stats

Bringing accuracy, speed and confidence to your data tracing challenge

Firms must keep an accurate record of their customers as per regulatory requirements, but over the years this has been harder to do as people move address more frequently and lose touch of their records. It is a multi-sector problem that has been building up for over 30 years.

Regulators and industry bodies have guidelines and principles that organisations must follow – breaches have led to significant fines together with the reputational fallout following these failings. The Pensions Regulator announced a crackdown on poor record-keeping by schemes in 2019, issuing fines of up to £5,000 for an individual and up to £50,000 in any other case for failure to comply with notices of improvement or inadequate internal controls, therefore good governance and administration is now more important than ever. Organisations must demonstrate that they take reasonable care to organise and control their affairs responsibly and effectively, as well as paying due regard to the interests of customers and treating them fairly.

Firms are realising they don’t have robust enough processes  to correct historical failings, redress beneficiaries and put in place future processes. A tracing solution is often required to achieve this and move firms back to a strong position.

Our end-to-end tracing suite offers core tracing, batch tracing, mortality screening, deceased tracing, international tracing, manual tracing, forensic tracing, verification and bespoke services. From identifying and redressing beneficiaries to putting processes in place to prevent future failings, it’s an ideal solution for banks, life companies, financial institutions and pension schemes, supporting with accurate record keeping to ensure scheme members receive up to date information about their pension and the benefits they’re entitled to. These services are also vital for the pensions dashboard; allowing savers to view all of the pensions that they have made contributions towards throughout their working life.

92%

of all executors traced

82%

of all estate tracing

80,000

deceased traces over the last three years

Key features

Our comprehensive tracing services include: 

01

Batch tracing

We can cleanse your database before running it through postcode address file and the Credit Reference Agency Database. Based on the quality of data we receive from you, and what we’re able to gather, we also grade the data as bronze, silver, gold and platinum. 

02

Mortality screening and deceased tracing

Over 630,000 people die in the UK every year and most organisations see a mortality rate of 3% among the members they are trying to reconnect with. We can check your data (one-off, monthly, quarterly or annually) against the government’s Death Disclosure Register Information database and the General Register Office to avoid making overpayments to members who have died, prevent frauds, recover overpayments and carry out your fiduciary duties.

03

International, manual and forensic tracing

If customers or members have moved outside the UK & Channel Islands, we run electronic checks of international batch residency data and an international existence mailing exercise, forensically tracing their addresses. Where the data supplied hasn’t met batch tracing standards  or where external databases haven’t surfaced information, our team of experts dig deeper – as the Financial Conduct Authority (FCA) requires – and manually retrace people’s steps that automated systems may have missed. If you have missing customers or members you’re unable to trace who are entitled to £1,000s or £100,000s, we can carry out in-depth research specific to each case to try to find them. Once we’ve found missing customers or members, we’ll help you verify identities and current addresses.

04

Estate tracing

Where we have identified, or you have been notified, that a customer has died we can help by locating and reconnecting with the executors/administrators of the estate to ensure that you’re meeting your obligations to return assets held.

05

Unclaimed Asset Management/Register

Many financial institutions would have built up a UAR over time with old data and records. Using our forensic and genealogical tracing, we’re able to work with companies to take records off the registers, ,reduce their administrative burden and liabilities, and return the assets to their new owners.

06

Bespoke services - insolvency and company tracing

In addition to our core data and tracing service, we also offer two bespoke services: insolvency, where we help you determine whether people receiving payments are bankrupt; and company tracing, where, for companies whose pension you’re managing, we verify whether they’re still trading or dissolved.

Why Capita?

We help clients to address historical failings and to set up a more robust management of records going forwards, which helps to avoid a repeat of the problem on the same scale.

  • We have contracts with all the major credit rating agencies and have access to more than 420 million records provided by UK financial institutions, as well as international records. 
  • We have been supporting clients to connect with their customers for the past 17 years: our team has grown to over 70 employees with operations based in London (our head office), Leeds, Poland and South Africa. 
  • We have one of the largest permanent teams of trained, multiskilled and experienced tracing specialists in the UK.

Talk to us about your requirements

How can we help your organisation progress?

Get in touch

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