The Investment Association, the fund managers' trade body, has launched a new tool to help investors find lost assets.

The tool can locate lost investments, pensions and savings accounts.

The association claims the tool could reunite investors with up to £780m of lost investment assets.

The IA Unclaimed Asserts Portal, powered by fintech Gretel, uses technology to connect consumers and companies through a one-stop tool for finding and recovering lost assets.

Once the free-to-use tool has located a lost investment, misplaced pension or dormant savings account, it will connect the consumer with the provider to discuss their options to reclaim their funds.

If no match is found in the first instance, the user’s information is stored on the system, and they are notified if the lost money is registered by a member or another financial institution.

The body has encouraged financial advisers to work with clients to register on the portal if they suspect they may have lost an investment in the past.

The IA said assets are most commonly lost when investors move house or job and forget to update their details with providers.

Traditionally locating a lost pot of money has been a long process, requiring consumers to search for missing paperwork, look through employment contracts, or get in touch with past employers.

The IA said it developed the tool as it has been regularly fielding requests from people hoping to find a way to track down a lost investment.

The launch comes after the Dormant Assets Bill obtained royal assent on 24 February.

Under the new act dormant money that remains unclaimed will be released by firms to charitable initiatives as part of the expansion of the Dormant Assets Scheme, with enough money being held so the rightful owner of an asset can at any point reclaim their funds in full.