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Have your say on unclaimed financial assets paper

sanews.gov.za · 7h · first reportShare

Have your say on unclaimed financial assets paper The National Treasury has invited public comments on a sweeping regulatory proposal to centralise South Africa’s multi-billion-rand worth of unclaimed financial assets under a newly established central administrator. In 2022, the estimated value of these assets was R88 billion. Unclaimed financial assets include dormant bank accounts, unclaimed retirement benefits, and unpaid dividends, investment and insurance proceeds. “The paper proposes establishing a central administrator for unclaimed financial assets. The administrator would be responsible for record-keeping and tracing of asset owners and beneficiaries. “It also considers institutional options for the central administrator, including establishing a new entity or appointing an existing administrator with the necessary scale and capabilities,” National Treasury said in a statement on Thursday. The proposed reforms aim to improve the identification, tracing and payment of owners an