South Africa has almost R90 billion in unclaimed assets – here’s how to see if you can claim – BusinessTech

The Financial Sector Conduct Authority (FSCA) has pointed to R88.56 billion in unclaimed assets across the financial sector – with the majority being retirement funds.

According to the FSCA, based on currently available data, unclaimed retirement benefits constitute 53% of the total estimated unclaimed asset value, followed by the collective investment scheme and life insurance industry, which holds 38% of unclaimed assets.

Unathi Kamlana, the commissioner of the FSCA, said the authority’s most significant proposal to tackle the issue of unclaimed assets is the establishment of a Single Central Unclaimed Assets Fund.

Under this fund, all unclaimed assets, once identified as such, would be transferred and managed on behalf of the financial sector.

“The main objectives of such a central fund will be to accept and manage unclaimed assets, prioritise the reunification of those assets with their beneficial owners, pay valid claims and distribute funds that are not reserved for valid…

Read Full Story: https://businesstech.co.za/news/finance/627406/south-africa-has-almost-r90-billion-in-unclaimed-assets-heres-how-to-see-if-you-can-claim/

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source: https://news.oneseocompany.com/2022/09/22/south-africa-has-almost-r90-billion-in-unclaimed-assets-heres-how-to-see-if-you-can-claim-businesstech_2022092230990.html

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