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Treasury, October 2, 2015: By Joseph Kipkoech
Financial services and utility companies still holding onto unclaimed assets face penalties, the Unclaimed Financial Assets Authority (UFAA) has warned.
Bankers, insurers, brokerage firms, pension funds and utilities including mobile money service providers are under Unclaimed Financial Assets Act 2011 required to surrender such dormant assets by November every year.
The Chief Executive Officer Ms Kellen Kariuki spoke during the launch of a month-long public awareness campaign in partnership with Kenya Bankers Association.


Penalties amounting to 25 percent of the value of unclaimed assets not surrendered will now be imposed.
“We shall not be taking anybody to court because the law allows us to impose the penalties. We are however working with regulators and member associations to increase compliance,” she said.


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