REUNIFICATION PROCESS OF UNCLAIMED FINANCIAL ASSETS AND ITS SUCCESS RATE IN KENYA
Abstract
This study explored the effect of the reunification process of unclaimed financial assets on its success rate in Kenya. The objectives were to determine the effect of the search for unclaimed financial assets, the claims filling process, and other collaborative initiatives on the success rate of reunification in Kenya. Theories were theory of escheatment. The study design was descriptive. Census sampling was used to sample all the 32 employees as respondents in the study. A questionnaire and an interview schedule were used. Descriptive and inferential statistics through multiple linear regression were utilized in analyzing the data. The study established that unclaimed assets alters success rate of reunification in Kenya and was statistically significant hence the null hypothesis was rejected. Claim filling process was also found significant and altered the success rate of reunification in Kenya hence the null hypothesis was also rejected. lastly, the collaborative initiative alteration led to success rate of reunification in Kenya. The t-values was significant hence the null hypothesis is rejected. Therefore, all the objectives had significant influence on the success rate of reunification in Kenya. P-values were less than the adopted threshold P <0.05) hence all the null hypothesis were rejected. The study endorsed that in order to ensure better transparency to the authority by holders of the actions taken to contact specific clients prior to surrendering assets to the UFAA, the Unclaimed Financial Authority (UFAA) should create robust systems. Additionally, the UFAA should put up a system for the prudent handling of unclaimed financial assets across all industries. Additionally, the authority has to implement consistent accounting and reporting standards for these assets across all industries and run effective public education and financial literacy initiatives. Laws and regulations on such assets should be reviewed to revise the charges incurred in the claiming process.
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