4.8 million South Africans are owed R90 billion in unclaimed assets – check if you can get money
At least 4.8 million South Africans are owed an estimated R90 billion in unclaimed assets. The good news is that you can check if you can get money.
There are many reasons for unclaimed assets, including poor information updates and record keeping, employer oversight, and changes in intermediaries.
Robin Hood, in partnership with Standard Bank’s OneHub, is introducing a solution to this widespread problem.
The Robin Hood digital platform is set to transform how unclaimed assets are identified, claimed, and returned to their rightful owners.
The new platform was developed following a discussion paper published by the Financial Sector Conduct Authority (FSCA) in September 2022.
The discussion paper encouraged engagement with the financial services industry and gathered insights into its challenges.
In March 2024, the FSCA published a response to the feedback it received on its unclaimed assets discussion paper.
It is now developing a framework that outlines the requirements for identifying, monitoring, managing, tracing, and reporting unclaimed assets.
“The framework is an important component of our objective to enhance transparency, accountability and effectiveness in managing unclaimed assets,” it said.
“It reflects our commitment to address unclaimed assets in a systematic and well-structured manner.”
Rowan Gordon, CEO of Robin Hood, said the company believes that using technology aligns with the FSCA’s goal of streamlining the industry.
“It will accelerate the release of billions of rands to South Africans while unlocking millions of untouched tax revenue for the benefit of economic growth,” he said.
Robin Hood’s collaboration with Standard Bank’s OneHub ensures security, trustworthiness and credibility.
“The Robin Hood platform, with its ability to consolidate unclaimed benefits data, is a game-changer,” Gordon said.
This platform, available to all asset holders and the broader banking community, is designed to address the complex issue of unclaimed benefits.
Robin Hood will help to return South Africans’ lost funds by aggregating data from multiple sources into a single database.
Robin Hood’s platform allows asset holders to trace, verify, and process payments. The technology-driven initiative streamlines the cumbersome process of claiming benefits.
Jonathan Lamb, head of channel and partnerships at CIB Digital Standard Bank, said the partnership would help to solve big industry problems faster.
To achieve their goals, they incorporated the iiDENTIFii biometric identity capability into the Robin Hood solution through the OneHub API marketplace.
“We look forward to working with Robin Hood on tackling Liberty’s unclaimed pension book in the initiative’s pilot phase,” Lamb said.
“As a responsible retirement fund administrator, we endeavour to make payment to the rightful claimants the money that they or their loved ones worked so hard to earn,” Liberty’s Kabelo van der Merwe said.
Check if you are owed unclaimed assets
Although the Robin Hood platform is only in its pilot phase, South Africans can check whether they are owed money through the FSCA website.
Since the implementation of the unclaimed benefits search engine, approximately R1.2 billion in asset value has been paid to over 14,000 members after valid claims were submitted to the relevant funds.
People with unclaimed funds or assets should identify the source first and then contact the holder.
Therefore, you should contact the organisation, like a bank or asset manager, that is holding your unclaimed funds.
You’ll need to provide proof of your identity and entitlement. This might include details like your name, ID number, fund name, employer, policy or account number, or certificate number.
You should follow the claims process closely. Each company has a unique process for handling claims.
Depending on the type and amount of your unclaimed funds, there might be a waiting period before your claim is processed and approved.
Once your claim is approved, you’ll receive your unclaimed funds. You are responsible for ensuring the payment is accurate, and there are no errors or discrepancies.
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