Regulator seeks a solution for R88bn in unclaimed assets
FSCA favours central body to find beneficiaries of unclaimed funds such as pension savings
22 September 2022 - 05:10
The Financial Sector Conduct Authority (FSCA) has proposed establishing a centralised fund to manage the estimated R88.56bn in unclaimed assets languishing in retirement funds, unit trusts and life insurance policies, dormant bank accounts and dividend payments owed to unknown shareholders.
The regulator revealed the proposal on Wednesday in a discussion paper designed to thrash out a solution to SA’s unclaimed assets dilemma, which has its origins in an apartheid-era migrant labour system that was characterised by haphazard record keeping and inconsistent worker identification methods...
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