Courts urged to expedite conclusion of unclaimed financial assets cases

The Unclaimed Financial Assets Authority has urged High Court Judges to expedite the conclusion of succession matters in order to assist families claim unclaimed financial assets for their deceased relatives.

UFAA CEO John Mwangi said the Authority is struggling to process claims lodged for the deceased’s estate on account of ongoing succession proceedings and verification of grants in courts registry.

Speaking during a recent Judges conference in Mombasa Mr. Mwangi called for increased collaboration between Court in courts quickly, fast track verification of grants in registries and create awareness of the unclaimed assets regime to members of the judiciary and general public.

“The reunification of death claims largely hinges, to a greater extent, on the courts’ settlement of succession of estates of the deceased,” he said. ‘In addition, the court helps UFAA to verify authenticity of certificate of confirmation of a grants of administration submitted by claimants to the Authority to support deceased persons estate so we can pay the rightful beneficiary only.’’

He said that UFAA will be working closely with the Judiciary to ensure that un-surrendered unclaimed assets held by courts are paid to rightful owners or be reported to the Authority upon lapse of defined period of time.

Mwangi observed that the law also envisages the Judiciary as a potential holder of unclaimed financial assets.

“Courts keep litigants’ unutilized fines, penalties, court fees, or such assets the court has determined to be refunded to an owner,” he said.

“Once two years lapses and the owner has not been paid or traced, the assets qualify as unclaimed and should be surrendered to UFAA for eventual reunification with rightful owners.’’

Mwangi said that the Authority, through National Treasury, has proposed amendments to the Act, 2011 and Unclaimed Financial Assets Regulation 2016 to make reunification process differentiated based on assets being claimed.

The proposed legal amendments are meant to make claiming easier albeit with relevant controls.