The Financial Sector Conduct Authority (FSCA) estimates that approximately R88,56 billion in unclaimed assets are held across South Africa’s financial sector, of which about R4,5 billion relates specifically to unclaimed dividends.
The causes of unclaimed funds include changes in personal details (such as address or banking information), forgotten employee share schemes, and shares held in deceased estates where beneficiaries are unaware of the holdings or where the estate has not been properly wound up. In response to this issue, the Johannesburg Stock Exchange (JSE) has launched the ‘Claim it” campaign to assist individuals in recovering their rightful dividends.
The JSE has established a dedicated portal at www.jse.co.za/claimit and a call centre (0861 401 105) where individuals can submit their details for verification. The required documentation typically includes a copy of an Identity Document, proof of address, and, in the case of deceased estates, Letters of Executorship and a Death Certificate.
In the initial weeks of the campaign, more than 21,000 applications were received, with a significant number of successful matches identified.
FISA members are encouraged to familiarise themselves with this initiative and to check whether any unclaimed shares or dividends may form part of deceased estates under their administration, as this would be in the best interests of the beneficiaries.