ASIC Too Busy – Billions in Cash Unclaimed in Australia, Recovery Agents Needed

There is a huge need for Recovery Agents in Australia. ASIC has been overwhelmed by the December 2012 decision to seize inactive bank accounts after three years, and the reversal back to seven years will not require ASIC to keep a register of unclaimed monies.

ASIC, Australian Securities and Investments Commission is a Government agency that is responsible for returning “lost” money to Australian citizens. In 2014, it was unable to return any lost funds during 2013-2014. According to “After the three-year rule was announced, ASIC had to redirect staff who had been locating owners.”

Since ASICS does not have the man-power to supply this service to the Australian public any longer, it falls to the Unclaimed Money Recovery Industry to fill in the gap. Myriam Borg, Founder of the unclaimed money recovery industry in Australia and New Zealand and the creator of “The Recovery Consulting Program” is the foremost authority on unclaimed money recovery industry.

Myriam had this to say about the amount of money that is currently unclaimed in Australia: “There is a whole heap of un-recovered funds across all Australian states, millions of records just waiting to be found. Money that is just sitting there waiting for its owner. And if it isn’t refunded to its owner, guess what happens? Yep … it gets handed straight over to the government and becomes revenue!”

Since the laws that govern unclaimed funds were amended in 2012, it allows the government to claim this money after three years, so any unclaimed funds are “confiscated” and not available to the rightful recipients. With the proposed change to revert back to the 7-year confiscation of “unclaimed” monies, it can be exceeding difficult for citizens to find and recover money.

According to Myriam Borg, “The 2011 ASIC report figures show a figure of $13.7 Billion dollars in lost Superannuation alone! That’s a lot of money, the numbers are simply mind boggling! I wasn’t an accountant but I decided to commence my own recovery agency based on the size of the unclaimed money industry”

Myriam goes on to say that “Using a Recovery Agent makes everything easier and is “Just brilliant!” And the best part is that everybody wins, everyone is happy. The client receives money he/she wasn’t aware of and the business is happy because they are making money doing something of service & integrity… not just earning money for its own sake! Just brilliant, Everyone wins!”

Myriam’s current business is to help others to learn skills perfected over the years. Myriam started the lost funds recovery business in 1999, but has since moved on to helping others realize dreams of financial freedom. With the company Cre8 Recovery, Myriam gives expertise from over 16 years of experience to those seeking to create a portable, flexible and viable business.

Myriam, offers a 23 page report on the unclaimed money industry and explains: “I’ve completed the rigorous qualifications needed to become a University qualified Educator and trainer. Our business Cre8 was a Nationally Accredited and endorsed Registered Training Organisation (RTO) similar to the institute of TAFE for a great many year”

“This means as an organization we have got the skills, qualifications and documentations to provide the very best training available. And to my knowledge, this is the ONLY training available in Australia for Recovering Lost Money.”

To find out more about this training program, or recovering lost funds, please visit us on Google+, LinkedIn and Twitter.

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