R88 Billion in Unclaimed Assets: How South Africans Can Check If They’re Owed Money

South Africa’s financial watchdog is working to return billions of rand in unclaimed assets to their rightful owners. The Financial Sector Conduct Authority (FSCA) has revealed that R88 billion is sitting unclaimed, with many South Africans unaware that they are owed money.

FSCA Commissioner Unathi Kamlana has highlighted the urgency of the issue, stating that unclaimed funds increase every year due to poor record-keeping, outdated contact details, and industry mismanagement.

Why Is So Much Money Unclaimed?

The unclaimed assets mainly consist of:

• Retirement fund benefits
• Severance pay
• Death benefits
• Bank deposits and investment interests
• Life and non-life insurance payouts
• Dividends and other financial proceeds

One of the largest contributors to this issue is South Africa’s mining industry, which historically failed to track payments to low-income laborers.

“The mining sector was designed never to really look after the interests of the laborers,” Kamlana explained. “Deductions were made with the assumption that workers would never claim the money owed to them.”

Government’s Plan to Solve the Unclaimed Funds Crisis

The FSCA is developing proposals to ensure that unclaimed benefits reach the people they belong to. Options being considered include:

• Making claim information more accessible
• Improving the claims process to reduce red tape
• Creating a central unclaimed assets fund
• Transferring the money to the National Revenue Fund to benefit public services in poor communities

The FSCA plans to submit its proposals to the government soon.

How to Check If You’re Owed Money in South Africa

Millions of South Africans may have unclaimed benefits without realizing it. If you want to check if you have money waiting for you, the FSCA provides an online search tool that allows you to find your unclaimed benefits using:

• Your name and surname
• Your South African ID number
• The name of your employer or fund

Check if you have unclaimed benefits here

If there’s a potential match, the FSCA will provide contact details for the relevant fund or administrator so you can proceed with your claim.

Important: The FSCA does not pay out benefits directly—you must claim through the fund or administrator holding the assets.

Robin Hood and Standard Bank Fast-Track Claims

To speed up the process, Robin Hood has partnered with Standard Bank to help South Africans recover their unclaimed benefits faster.

• The app-based platform connects users with unclaimed funds
• It eliminates the need to approach each fund individually
• It partners with funds to create a centralized claims system

Learn more about Robin Hood’s unclaimed benefits platform here

Act Now – Don’t Let Your Money Go Unclaimed

South Africa’s R88 billion unclaimed funds crisis continues to grow each year. If you suspect you or your family members may be entitled to unclaimed money, check now using the FSCA’s tool or Robin Hood’s platform.

With government action on the horizon, now is the best time to reclaim what’s rightfully yours.

{Source BusinessTech}

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