NEWS YOU CAN USE – South Africa’s Unclaimed Billions: Could You Be Owed Money?

Billions of rands remain unclaimed in South Africa across pension funds, insurance policies, unclaimed dividends, and dormant bank accounts. The Financial Sector Conduct Authority (FSCA) estimates that approximately R88.56 billion is sitting unclaimed, often due to outdated contact details, administrative errors, or lack of awareness by rightful owners and beneficiaries.

Many people change jobs without claiming their retirement benefits, while beneficiaries often remain unaware of policies left to them. If financial institutions cannot locate the rightful owners due to incomplete records, these funds sit idle for years. Institutions like Liberty, which manages over R2.3 billion in unclaimed benefits, are working to trace beneficiaries, but many individuals remain unaware they may be entitled to money.

To address this, the FSCA provides a central database where individuals can check for unclaimed benefits by submitting basic details such as an ID number and employer name. To prevent financial assets from becoming unclaimed, individuals should regularly update personal and beneficiary details, inform family members of policies, and maintain proper financial records.

At PW Harvey & Co., we specialize in helping individuals identify and reclaim unclaimed funds. If you believe you or a loved one may be entitled to forgotten assets, contact us for professional assistance.

Source: Citywire