Regulatory Alerts2018-03-31
Information Circular 4 of 2015: Request for Information Relating to Unclaimed Benefits
The Financial Services Board of South Africa requires all registered retirement funds to electronically submit complete lists of unclaimed benefits by 31 January 2016. This data will power a free public search platform that allows former members to identify potential unclaimed benefits using personal identifiers, thereby eliminating the need for costly tracing agents. All submitted records will be safeguarded under the Protection of Personal Information Act to prevent fraud while enabling members to obtain direct contact details for their respective funds.
FINANCIAL SERVICES BOARD
Riverwalk Office Park Block B 41 Matroosberg Road Ashlea Gardens Extension 6 Pretoria South Africa 0081 PO Box 35655 Menlo Park Pretoria South Africa 0102 Tel +27 12 428 8000 Fax +27 12 346 6941 E-mail info@fsb.co.za Toll free 0800 110443/0800 202087 website:www.fsb.co.za
| ENQUIRIES: | Alta Marais | D. DIALLING NO.: | 012 4288065 |
|---|---|---|---|
| OUR REF: | 12/12/25 | FAX: | 012 3466510 |
| DATE: | 16 October 2015 | E-MAIL: | Alta.Marais@fsb.co.za |
INFORMATION CIRCULAR PF NO. 4 OF 2015
REQUEST FOR INFORMATION RELATING TO UNCLAIMED BENEFITS
1. Introduction
From information available to this Office and discussions with various stakeholders, we are aware that retirement funds have difficulties in tracing and paying unclaimed benefits due to former members and beneficiaries. We have further noticed that tracing agents are charging the members an administration fee as well as a percentage of the benefit if successfully traced.
In an attempt to assist members to identify possible unclaimed benefits free of charge, the FSB will provide a facility whereby unclaimed members will be able to use either identity numbers, date of birth or full names to identify possible unclaimed benefits in a retirement fund.
2. Request for information
In order for this Office to make a platform available to achieve the above, we hereby request that you kindly provide this office with a complete list of all unclaimed benefits electronically on the FSB website by following the following link: http://www.fsb.co.za/Departments/retirementFund/electronicSubmissions/Pages/retirementFundsOnlineSystem.aspx.
Board Members: AM Sithole (Chairperson) H Wilton (Deputy Chairperson) Z Bassa JV Mogadime Prof PJ Sutherland FE Groepe D Turpin HMH Ratshefola D Msomi I Momoniat O Makhubela (Alternate) Executive Officer: DP Tshidi
The template of the information required is attached hereto as Annexure A. Instructions for the completion of the spread sheet to be imported into the FSB’s database are attached hereto as Annexure B and an example of the completed form is attached hereto as Annexure C. No personal information of any individuals will be disclosed on the FSB website to prevent fraud and to comply with the Protection of Personal Information Act. The platform will facilitate a search function which will identify a possible unclaimed benefit in respect of such member and provide the member with contact details of the relevant retirement fund.
Kindly furnish this Office with the required information by no later than 31 January 2016.
Yours sincerely
ROSEMARY HUNTER DEPUTY EXECUTIVE OFFICER: RETIREMENT FUNDS
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