Unclaimed assets in South Africa now stand at R88 billion, could you be a beneficiary?

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Assets include pension fund benefits, life insurance policies and securities, the Financial Sector Conduct Authority says.

Bruce Whitfield interviews FSCA Deputy Commissioner Katherine Gibson.

– Unclaimed assets in South Africa now stand at nearly R90 billion across the financial sector

– They include pension fund benefits, life insurance policies and securities, says Financial Sector Conduct Authority


© Maitree Boonkitphuwadon/123rf

There is a huge amount of money that goes unclaimed in South Africa every year from pension funds and other sources.

The cumulative amount now stands at nearly R90 billion in unclaimed assets, according to the latest count from the Financial Sector Conduct Authority (FSCA).

R33.5 billion unclaimed assets in South Africa – could some of the money be yours?

These assets to understand:

Pension fund benefits

Bank deposits, including foreign currency deposits

Investments in undertakings for collective investment

Life and non-life insurance policies

Securities

Bruce Whitfield gets more details from FSCA Deputy Commissioner Katherine Gibson.

Gibson says their numbers are highly dependent on the extent and capacity of reports occurring.

What we’re seeing is R47 billion in the pension funds space, about another R33 billion in the life insurance and collective investment schemes space…

Katherine Gibson, Deputy Commissioner – Financial Sector Ethics Authority

…and currently, in terms of reporting, just over R3 billion in retail transactional bank accounts, and even more in dividend accounts – around R4.5 billion.

Katherine Gibson, Deputy Commissioner – Financial Sector Ethics Authority

She says the FSCA wants to make people much more aware of the need to stay connected with their financial institutions in the first place.

Then, these financial institutions should also better maintain contact with their customers.

But assuming that hasn’t happened (as we clearly know from the numbers), it’s important that financial institutions pay much more attention to identifying instances of inactivity on accounts, and then take action. measures to trace these customers and inform them that these sums are due.

Katherine Gibson, Deputy Commissioner – Financial Sector Ethics Authority

I think it behooves potential beneficiaries to also think about where you might have money owed.

Katherine Gibson, Deputy Commissioner – Financial Sector Ethics Authority

At least as a starting point, we have a search engine that crawls quite a large base, which you can at least follow in the retirement fund industry. We are looking to expand this to include other industries as well.

Katherine Gibson, Deputy Commissioner – Financial Sector Ethics Authority

Gibson says they also plan to simplify the “extraction” process for potential recipients.

“Part of our mandate is to treat customers fairly. That includes, in terms of people who have rights to assets, can access those rights in a fairly streamlined way.”

Click here for more information and scroll up to listen to the interview

This article first appeared on CapeTalk: Unclaimed assets in South Africa now stand at R88 billion, could you benefit?

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