The proposals arise against the backdrop of an estimated R88 billion in unclaimed financial assets in South Africa, including dormant bank accounts, unclaimed retirement benefits and unpaid insurance and investment proceeds. National Treasury’s view is that the current framework is fragmented, with differing tracing practices, reporting standards and administration processes across the industry.
National Treasury proposes the creation of a central unclaimed financial assets administrator responsible for maintaining records, co-ordinating tracing efforts, processing claims and operating a single public-facing portal through which members and beneficiaries can search for and claim unclaimed benefits.
The proposal further contemplates the transfer of qualifying unclaimed benefits from retirement funds and administrators to the central administrator and ultimately to the Corporation for Public Deposits (CPD). The CPD would then be responsible for the custody and investment of the assets, while the administrator would manage tracing, record keeping and claims administration. Ownership of the assets would remain vested in members and beneficiaries pending a valid claim.
If implemented, the proposals could significantly alter the current approach to unclaimed benefits administration. Retirement funds and administrators may be required to comply with enhanced reporting requirements, prescribed data standards, uniform...
Minnesota Attorney General Keith Ellison has filed two civil lawsuits alleging a Minneapolis bakery, a now-defunct nonprofit and others submitted false claims worth millions of dollars to the Minne...