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UPPO Claimants Representative Committee Outlines Top Priority

Posted By Administration, Thursday, October 5, 2017

In addition to their responsibilities of reporting unclaimed property to the states, many of the professionals who are active UPPO members are also responsible for recovering unclaimed property on behalf of their companies and their clients. To address the needs of these members related to property recovery, UPPO formed the Claimants Representative Committee.

 

Within the world of unclaimed property recovery, a small number of bad actors have unfairly tarnished the reputation of the industry as a whole. Through the Claimants Representative Committee, UPPO seeks to address these reputational issues, create best practices and promote professionalism. Over the next several months, the committee will primarily focus on these efforts.

 

We believe collaboration between UPPO and state unclaimed property administrators would contribute to this initiative’s success. We all have a common objective—returning property to its rightful owners. We believe the environment for achieving this objective can be improved, and it makes sense to work together. For this reason, two state administrators serve on the Claimants Representative Committee as ex officio members. Their input and effort will continue to be invaluable to the committee’s work.

 

UPPO is reaching out to NAUPA regarding this initiative to request the organization’s support as we work to develop meaningful standards to address reputational issues affecting claimants’ representatives.

 

The committee is also tasked with addressing challenges faced by claimants’ representatives as they seek to assist consumers and companies with the recovery of their unclaimed property. During and after the 2017 UPPO Annual Conference, the Claimants Representative Committee gathered feedback from attendees and committee members concerning policies and procedures that cause impediments to the recovery of unclaimed property.

 

“The members of the Claimants Representative Committee have collected important data through their own handling of large volumes of claims on an annual basis; through public information requests from state administrators; and through input from UPPO members,” said Claimants Representative Committee Co-Chair Jim Harris.

 

The committee has spent the past several months refining the information into a list of priorities to address after tackling the reputational issues.    

 

“It is our goal to gain support for addressing these priorities in hopes of improving the recovery process and return rates for consumers coast to coast,” said Claimants Representative Committee Co-Chair David Knott. “The committee looks forward to working with the UPPO Board of Directors, the UPPO Government Relations and Advocacy Committee and state unclaimed property administrators to solve some of these impediments to higher return rates.”

 

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