This article covers the functions of the Unclaimed Financial Assets Authority (UFAA). It is a state corporation under The National Treasury. UFAA was established under the Unclaimed Financial Assets Act (No. 40 of 2011)to administer unclaimed financial assets.
The authority’s primary mandate is to receive unclaimed financial assets, safeguard and re-unite the assets with their rightful owners.
Examples Of Unclaimed Assets
- Dormant accounts in banks.
- Unclaimed dividends and interest earned from stocks and shares.
- Unclaimed utility deposits in books of power and water companies.
- Unclaimed retirement benefits at insurers and pension administrators.
- Unclaimed death benefits and annuities from insurance companies.
- Unclaimed bail and bond money deposited in Courts of Law.
- Unclaimed deposits and benefits from collapsed institutions.
- Uncollected prize money e.g. from a lottery.
Functions Of The Unclaimed Financial Assets Authority
1. It receives, safeguards, invests and disburses unclaimed financial assets.
2. It ensures that holders of unclaimed financial assets reunite with them or surrender them to the Authority.
3. It inspects unclaimed financial assets to ensure accurate reporting.
4. It ensures that all relevant information on unclaimed financial assets is submitted and maintained in its database.
5. It assumes custody of the rights of unclaimed financial asset holders.
6. It makes payments out of the Unclaimed Assets Trust Fund to the rightful owners in accordance with the Unclaimed Financial Assets Act.
7. It locates and notifies owners of the unclaimed financial assets.
8. The authority implements unclaimed financial assets policies and procedures.
Unclaimed Financial Assets Authority (UFAA) Contacts
Phone: 020 4023000, 0706866984, 0736559152
Email: info@ufaa.go.ke
Head Office: Pacis Centre, 2nd Floor, Slip Road, Off Waiyaki Way, Westlands, Nairobi
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