National Treasury: A Framework to Centralise Unclaimed Financial Assets in South Africa

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National Treasury: A Framework to Centralise Unclaimed Financial Assets in South Africa

• 08 September 2026
• Law
• South African Accounting Academy

Summary:
National Treasury has published a discussion paper which proposes A Framework to Centralise Unclaimed Financial Assets in South Africa.

Article:

4 years after the Financial Sector Conduct Authority (FSCA) proposed a Central Unclaimed Assets Fund, National Treasury has put forward a detailed model for centralising an estimated R88.56 billion in dormant financial funds (unclaimed financial assets) across the financial sector.

Treasury proposes establishing or appointing a central administrator to manage records, tracing, and claims. Qualifying unclaimed assets would be transferred from financial institutions through the administrator and deposited with the Corporation for Public Deposits (CPD) for custody and investment. The CPD is a subsidiary of the South African Reserve Bank (SARB) that manages deposits from public-sector entities.

Public comment is sought on the central administrator’s structure and funding, possible limits on claims, and the phased extension of the framework across the financial sector. The consultation will shape how the arrangement operates, including the administrator’s structure and funding, the definition and transfer triggers for unclaimed assets, the period during which claims can be made, and the treatment of assets after claimants’ rights expire.

Summary of Core Proposals:

• Central Administrator: A single statutory body or appointed administrator will replace the current fragmented system used by individual banks, insurers, and retirement funds.
• Consolidated Data: The administrator will handle record-keeping, data matching, owner tracing, and the processing of lawful claims.
• Phased Rollout: Reforms will start with unclaimed retirement benefits before expanding to other financial sector segments.

Comments are due by 19 September 2026.

Table of Contents:

1. Introduction 

2. International Lessons/Practices 

3. Proposed Centralisation Model 

4. Conclusion 

5. Questions for Consultation 

Click here to download the 14-page Discussion Document:

https://www.treasury.gov.za/comm_media/press/2026/A%20FRAMEWORK%20TO%20CENTRALISE%20UNCLAIMED%20FINANCIAL%20ASSETS%20IN%20SOUTH%20AFRICA%202026.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• All the Acts regulated by the FSCA are pieces of legislation that your clients must comply with, and which you must assess compliance with.  If they don’t comply with the relevant laws and regulations, you have certain reporting obligations in terms of NOCLAR (NOn-Compliance with Laws And Regulations) – this could include reporting to management, qualifying your audit opinion, reporting a Reportable Irregularity, etc.
• As an auditor, independent reviewer and accountant, you should be aware of the discussion papers and proposals of National Treasury and the FSCA.
• You also need to consider the latest publications by regulators, such as National Treasury and the FSCA, to keep abreast of changes and important information.

Relevance to Your clients:

• Entities that must comply with the relevant legislation that is enforced by National Treasury and the FSCA, should be aware of discussion papers and proposals.
• Your clients also need to consider the latest publications by regulators, such as National Treasury and the FSCA, to keep abreast of changes and important information.

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