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WEALTH CREATION - South Africans have yet to claim R33.5 billion in unpaid life policy and investment proceeds.

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Life insurers and unit trust companies are holding some R33.5 billion for policyholders, investors and their beneficiaries who have failed to claim their benefits.

This is in addition to R47.3 billion held in retirement funds for members and their beneficiaries, according to statistics released by the Financial Sector Conduct Authority earlier this year.

While the FSCA regulates unpaid benefits in retirement funds in terms of the Pension Funds Act, the Association for Savings and Investment South Africa (ASISA) collects statistics on unpaid benefits from life insurance policies and investments.

4 Jul 2022 4AM English South Africa Business News · Investing

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