Pen, calculator and financial statements seen on a table
The FSCA says the objective is to reunite beneficiaries with their unclaimed assets. It says the root cause of the problem of unclaimed assets is inadequate record keeping and asset holders not updating beneficiary details. “For the banking sector, it’s approximately R3.36 billion, CSDP R4.5 billion, life insurers and collective investments that is R33.49 billion and for retirements funds that is for the 2020 period, it’s R47.21 billion,” says FSCA’s Loraine van Deventer.
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