Omari Gates
There is a significant amount of lost money in Australia, totalling around $2.3 billion in lost shares, bank accounts, investments, and life insurance policies. If you think you have lost shares, you can search for unclaimed money on the Australian Securities and Investments Commission (ASIC) website. You can also contact the company directly, as they are required to aid their shareholders. Companies often maintain a third-party share registry to manage such enquiries, so you can ask them to conduct a search to find out what shares you own. If you are unsure where to start, there are also paid services that can help you trace your lost shares.
| Characteristics | Values |
|---|---|
| Lost shares in Australia | Around $2.3 billion of lost money to be claimed from bank accounts, shares, investments, and life insurance policies |
| How to find lost shares | Search for unclaimed money on the Australian Government website moneysmart.gov.au or the ASIC website; use a Premium Share Search Service; contact the share registry for the company; or use a service like deListed |
| Reasons for lost shares | Change of address, going overseas, inactive bank accounts, change of name, deceased estates, unpaid wages, etc. |
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What You'll Learn
Check the Australian Government website moneysmart.gov.au
If you think you may have lost shares in Australia, the Australian Government website moneysmart.gov.au can help you find them. This website is a one-stop shop for Australians looking to locate their lost shares, investments, or money from other sources.
Moneysmart.gov.au provides a service to search for lost shareholdings and unclaimed money. This can be particularly useful if you have changed your name, address, or job, or if you have lived overseas, as it can be easy to lose track of your finances in such situations. The website also provides an unclaimed money form, which will guide you through the information you need to provide to ASIC (the Australian Securities and Investments Commission).
ASIC holds around $2.3 billion of unclaimed money from bank accounts, shares, investments, and life insurance policies. This money becomes 'unclaimed' when it has not been touched or claimed for a certain period, often because individuals have changed their address or gone overseas without updating their details with financial institutions.
Moneysmart.gov.au also provides information on other government websites that can help you find lost money from various sources, including the Australian Taxation Office, Services Australia, and state government websites. These websites can help you locate lost money from sources such as deceased estates, salaries and wages, Medicare benefits, and more.
By following the steps outlined on moneysmart.gov.au and potentially exploring the additional resources suggested by the website, you can effectively search for and locate any lost shares or other unclaimed finances you may have in Australia.
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Contact the Australian Securities and Investments Commission (ASIC)
The Australian Securities and Investments Commission (ASIC) is a regulator of the Australian financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
ASIC provides information to consumers and handles complaints about service provider misconduct. It also administers unclaimed money, which includes inactive bank accounts and unclaimed life insurance policies.
If you believe you have lost shares, you can search for unclaimed money on the ASIC website, moneysmart.gov.au. This website will guide you through the process of claiming your money and submitting the required information. After you submit your form, ASIC will contact the relevant company.
ASIC can be contacted via:
- GPO Box 9827 Melbourne VIC 3001 (for general inquiries)
- Online inquiry, phone call, or social media (Telegram)
- ASIC Media Unit or Newsroom (for media inquiries)
- Moneysmart media centre (for Moneysmart media inquiries)
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Find the share registry for the company
If you think you may be a shareholder in a company, contact that company directly or its share registry. Share registries are organisations that manage the registry of shareholders on behalf of a company. They are responsible for managing things like the payment of dividends, distribution of company reports, and shareholder voting.
There are three to five main Australian Share Registries, including Boardroom, Computershare, and Link Market Services. You can find the share registry for a particular holding using the ASX company directory.
- Go to the ASX company directory.
- Type the name or ticker code of the holding into the search bar at the top. For example, type "Selfwealth" or "SWF" if you are searching for Selfwealth.
- Click on the desired result to view the company information.
- Scroll to the bottom of the page to view the share registry details.
You can also go to the company's website and search for an Investor Relations section, where you may find the share registry's details.
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Request holdings information from Centrelink
If you are looking to request holdings information from Centrelink, you will need to follow these steps:
Firstly, you must determine whether you are requesting the information for yourself or on behalf of a third-party organisation. If it is for yourself, you will need to sign in to your myGov account and select Centrelink. From there, you can select "Documents and appointments", followed by "Documents", and then "Request a document". You will then be able to select the document type you need from a dropdown menu.
If you are requesting the information on behalf of a third-party organisation, your organisation's personnel will need to follow these steps: Log in to PRODA, select "Business Hub", then "Customer Information Release service", and then "Add". Enter the customer's details, and if possible, enter the customer's CRN (Centrelink Customer Reference Number). If the customer or their Centrelink nominee can provide consent through their Centrelink online account, select "Yes". If they cannot provide consent, select "No", and then select "Yes" to indicate that your organisation has the evidence of authority to provide consent on the customer's behalf.
In the case that you are the executor of a will and are seeking to request holdings information from Centrelink on behalf of the deceased, you will need to write to Centrelink. Be explicit about the information you are requesting, including share holdings, company names, and a list of assets covering a specific time period. If Centrelink does not provide the information, you can submit a Freedom of Information request.
It is important to note that Centrelink can help individuals access Australian Government social security payments and services. To link Centrelink to your myGov account, you will need your Centrelink Customer Reference Number (CRN), which can be found on Centrelink letters, your concession card, or in your Centrelink online account.
Additionally, if you are looking for lost shares or unclaimed money, you can search through the Australian Government website, moneysmart.gov.au. The ASIC website provides details on how to claim your money, and you can also search for unclaimed monies on their website.
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Use a private money search company
If you're looking to find lost shares in Australia, one option is to engage a private money search company. These companies can assist in tracing lost or unclaimed shares, dividends, and other financial assets. While engaging a private company may come with a fee, it can be a convenient and efficient way to recover your lost shares. Here are some benefits and steps to consider when using a private money search company:
- Specialisation and Expertise: Private money search companies often have specialised knowledge and resources for tracing lost shares. They may have access to comprehensive databases and proprietary tools that can help in your specific situation. This expertise can be particularly valuable if you have limited experience in financial investigations or don't know where to start.
- Time and Effort Savings: Engaging a private company can save you significant time and effort. They will handle the research, record-keeping, and administrative tasks associated with locating lost shares. This can be beneficial if you have a busy schedule or prefer to have professionals handle the process for you.
- Comprehensive Searches: Private money search companies often offer comprehensive search packages. For example, deListed Australia, a well-known private money search company, offers searches for unclaimed monies arising from various sources, including the compulsory acquisition of shares, distribution of dividends, superannuation contributions, and inactive bank accounts. They can also conduct searches for spouses, family companies, or super funds, ensuring that all possible sources of lost shares are covered.
- Additional Services: Some private money search companies provide additional services beyond locating lost shares. For instance, they may offer assistance in claiming and recovering the monetary value of the shares once they are found. They can guide you through the necessary paperwork and administrative processes, ensuring you receive the funds efficiently.
- Privacy and Confidentiality: Reputable private money search companies will handle your personal information with discretion and confidentiality. They should have secure systems in place to protect your data and only use it for the intended purpose of locating your lost shares.
- Engagement and Fees: When engaging a private money search company, carefully review their terms and conditions, including any fees involved. Fees can vary depending on the company and the complexity of the search. For example, deListed Australia charges a base administration fee of $74.50, with additional charges for specific search types, such as $10 for tracing company shares or $8 for insurance policy searches. Ensure you understand the pricing structure and any potential hidden costs before committing to their services.
While using a private money search company can be a convenient option, it is always recommended to verify the company's reputation and trustworthiness before sharing your personal information. Additionally, keep in mind that you also have the option to conduct your own searches through government websites, such as Moneysmart, as these services are often provided free of charge.
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Frequently asked questions
You can search for unclaimed money from lost shares on the Australian Government website, moneysmart.gov.au. The ASIC website contains details on how to claim your money. You can also use the Premium Share Search Service offered by Sell My Shares to find your missing shares.
You will need to provide your full name, date of birth, and address. If your address has changed, it may take longer to locate your lost shares.
You can call the share registry for the company in which you own shares. It is likely to be either Computer Share or Link Market Services. You can also use a third-party service such as deListed to conduct a search for your lost shares.
