{"id":779513,"date":"2024-07-04T12:06:42","date_gmt":"2024-07-04T10:06:42","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=779513"},"modified":"2024-07-05T15:47:05","modified_gmt":"2024-07-05T13:47:05","slug":"south-africa-has-r89-billion-in-unclaimed-assets-check-if-you-are-owed-money","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/779513\/south-africa-has-r89-billion-in-unclaimed-assets-check-if-you-are-owed-money\/","title":{"rendered":"South Africa has R89 billion in unclaimed assets \u2013 check if you are owed money"},"content":{"rendered":"\n

Update: <\/strong>The article has been updated to clarify that ASISA cannot assist with claims, but potential claimants must contact the service provider directly.<\/em><\/p>\n\n\n\n

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South Africa\u2019s Financial Sector Conduct Authority (FSCA) said that financial institutions in the country hold an estimated R88.56 billion in unclaimed assets.<\/p>\n\n\n\n

The number may be much higher because of the uncertainty of what constitutes an unclaimed asset and the lack of reliable data.<\/p>\n\n\n\n

Unclaimed assets generally refer to any asset due to a person by a financial institution that remains unpaid or unclaimed.<\/p>\n\n\n\n

More specifically, it means assets the client has forgotten about or for which the client\u2019s heirs and beneficiaries are unaware they could claim.<\/p>\n\n\n\n

Funds become unclaimed when the beneficiary does not receive them within 24 months of becoming eligible to do so.<\/p>\n\n\n\n

On 22 September 2022, the FSCA published a discussion paper on the framework for unclaimed assets in South Africa.<\/p>\n\n\n\n

The paper aimed to build on the work conducted by the National Treasury regarding unclaimed retirement benefits.<\/p>\n\n\n\n

It also wanted to foster debate on how lost accounts and unclaimed assets should be treated in a way that is consistent with treating customers fairly principles.<\/p>\n\n\n\n

The FSCA proposed a specific set of assets to be included within the scope of its proposed unclaimed asset framework.<\/p>\n\n\n\n

These assets include retirement fund benefits, bank deposits, interests in collective investment schemes, life and non-life insurance policies, and securities.<\/p>\n\n\n\n

It also includes any income, dividend, or other proceeds from or related to those financial products and financial instruments.<\/p>\n\n\n\n

Lost accounts and unclaimed financial assets are a global challenge and unclaimed retirement benefits impact underprivileged and vulnerable people disproportionately.<\/p>\n\n\n\n

The paper seeks to curb the practical challenges in identifying and reuniting unclaimed assets with their rightful owners or beneficiaries.<\/p>\n\n\n\n

In March 2024, the FSCA published a response to the feedback it received on its unclaimed assets discussion paper.<\/p>\n\n\n\n

It is now developing a framework that outlines the requirements for the identification, monitoring, management, tracing, and reporting of unclaimed assets.<\/p>\n\n\n\n

\u201cThe framework is an important component of our objective to enhance transparency, accountability and effectiveness in managing unclaimed assets,\u201d it said.<\/p>\n\n\n\n

\u201cIt reflects our commitment to address unclaimed assets in a systematic and well-structured manner.\u201d<\/p>\n\n\n\n

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How you can check if you have unclaimed assets<\/strong><\/p>\n\n\n\n

Millions of South Africans are linked to unclaimed assets and benefits they do not know about.<\/p>\n\n\n\n

Five years ago, retirement funds reported that around 4.8 million members had not claimed their funds. This alone amounts to R43 billion.<\/p>\n\n\n\n

There are many reasons for unclaimed assets, including poor information updates and record keeping, employer oversight, and changes in intermediaries.<\/p>\n\n\n\n

Nedbank said finding out whether you have unclaimed funds or assets is simpler than you might think.<\/p>\n\n\n\n

A good start is to visit the FSCA website and use the search tool to input basic information like your name, surname, identification number, fund name, and employer.<\/p>\n\n\n\n