According to a recent article by Business Tech, a staggering R89 billion worth of assets lies unclaimed, waiting for their rightful owners to step forward and claim them. These unclaimed assets include dormant bank accounts, forgotten insurance policies, unredeemed shares, and more. Many South Africans may be unaware that they are entitled to these funds, which could potentially change their financial landscape.
Understanding Unclaimed Assets
The Financial Sector Conduct Authority (FSCA) has reported that financial institutions in South Africa hold approximately R88.56 billion in unclaimed assets. This figure is likely conservative due to uncertainties about what qualifies as an unclaimed asset and the lack of reliable data.
Unclaimed assets typically refer to funds or financial products that have not been claimed by the rightful owner. These can include forgotten bank accounts, overlooked insurance policies, unredeemed shares, and other financial products where either the owner or their beneficiaries are unaware of their existence. Assets become classified as unclaimed when they remain untouched for 24 months after the beneficiary becomes eligible to claim them.
This report builds on efforts by the National Treasury to address unclaimed retirement benefits and manage unclaimed assets, including retirement funds, bank deposits, collective investment schemes, insurance policies, and securities. The goal is to ensure that these assets are managed in a manner consistent with the principles of fair treatment for customers.
The discussion paper highlights the global challenge of unclaimed financial assets and emphasises the disproportionate impact on underprivileged and vulnerable populations.
What is Verifi?
Verifi is an online tool designed to provide an immediate and up-to-date overview of all your life insurance and investment policies. By sourcing information from major life insurance companies like Old Mutual, Sanlam, Liberty, and others, Verifi compiles a comprehensive report on your policies. This service is available at no charge to all members of the South African public once a year.
Verifi offers a single point of access to all relevant information about your policies, saving you time, money, and effort. By providing a clear and consolidated view of your life and investment policies, Verifi helps you stay informed and manage your assets more effectively.
How to Check If You’re Owed Money
Verifi.co.za plays a crucial role in reuniting South Africans with their lost or forgotten policies.
Checking if you have unclaimed assets is straightforward with Verifi.co.za:
- Visit the Website: Navigate to Verifi.co.za and utilise the search tools.
- Enter Your Details: Provide necessary information such as your name, ID number, and any contact details.
- Receive Results: Discover if there are unclaimed assets linked to you and initiate the reclaim process with Verifi.co.za’s assistance.
Don’t let your hard-earned assets remain unclaimed any longer. Whether it’s unredeemed insurance policies, or overlooked investments, there’s a chance that you’re owed money waiting to be reclaimed. Verifi.co.za stands ready to assist, offering expertise and dedication to help you unlock these unclaimed assets and potentially transform your financial future.