National Treasury Proposes Framework to Centralise Unclaimed Financial Assets

Posted 08 September 2026 Written by Acts Online
Category Finance

Brought to you by SA Accounting Academy: National Treasury has published a comprehensive discussion paper titled ‘A Framework to Centralise Unclaimed Financial Assets in South Africa’, proposing a statutory model to manage an estimated R88.56 billion in dormant funds across the financial sector.

The paper follows previous recommendations by the Financial Sector Conduct Authority (FSCA) regarding a Central Unclaimed Assets Fund. The proposed framework establishes a uniform mechanism across financial institutions to identify, trace, centralise, and safeguard dormant funds currently held in bank deposits, insurance policies, retirement funds, and investment schemes.

Proposed Operational and Institutional Structure

Under the proposed framework, National Treasury recommends establishing or appointing a central administrator responsible for operational governance, maintain registries, handle tracing efforts, and adjudicate claims. Qualifying unclaimed assets will be transferred from financial institutions to this central administrator and deposited into the Corporation for Public Deposits (CPD), a subsidiary of the South African Reserve Bank (SARB) established in terms of the Corporation for Public Deposits Act, No. 46 of 1984, for custody and investment management.

Key regulatory elements currently open for public consultation include:

  • Institutional configuration and funding: The legal structure, mandate, and operational funding model for the central administrator.
  • Statutory transfer triggers: Standardised definitions across financial sectors specifying the periods of dormancy required before assets must be transferred off institutional balance sheets.
  • Claim prescription and vesting rules: The statutory timeframe permitted for rightful claimants or beneficiaries to submit claims, and the subsequent legal treatment and reallocation of funds once claim rights expire.
  • Phased implementation: The sequential roll-out and compliance schedule across different segments of the financial services industry.

Click here to download the 14-page Discussion Document: A Framework to Centralise Unclaimed Financial Assets in South Africa.

What this means for you, your business, or your clients

  • For yourself: Check personal or family records against institutional dormancy registers to identify legacy bank accounts, matured insurance policies, or unclaimed retirement benefits prior to statutory fund centralisation.
  • For your business: Financial services institutions and fund managers must prepare for future compliance obligations requiring the reporting, de-recognition, and mandatory transfer of dormant customer balances to the central administrator.
  • For your clients: Advise corporate and individual clients to review unclaimed trust monies, unpaid dividends, and employee benefit beneficiary schedules, ensuring tracing procedures are initiated before statutory transfer thresholds take effect.

Originally published at https://accountingacademy.co.za/news/read/national-treasury-a-framework-to-centralise-unclaimed-financial-assets-in-south-africa

The views expressed herein are those of the author and do not necessarily reflect those of Acts Online. Acts Online accepts no responsibility for the accuracy, completeness or fairness of the article, nor does the information contained herein constitute advice, legal or otherwise.