5. Reporting on Unclaimed Financial Assets
Lastly, Financial service providers such as banks are required on an annual basis to hand over to the Unclaimed Financial Assets Authority any unclaimed deposits (cash, cheques, and other assets of financial value) that have not been accessed by the customer in over 2 years. Therefore, customers must ensure that they transact on their accounts so as to prevent their account from falling dormant. In conclusion,  services should adopt when engaging consumers. In addition to the Constitution, the Consumer Protection Act 2012 prevents unfair business practices in consumer transactions. Both Financial Institutions as well as their customers should familiarise themselves with these law