Estimated R88 billion worth of unclaimed assets held by financial institutions: FSCA - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

📆 22.09.2022 0:41:00
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It’s estimated that there is R88 billion worth of unclaimed assets held by financial institutions. 53% of these are in retirement funds, followed by collective investment schemes and the life insurance sector holding 38% of unclaimed assets.

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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