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Author Archive | Gerrit Viviers

ombud1

High Court sets aside Validation of Gross Income methods

On 16 March 2018, the High Court in Cape Town provided its favourable ruling on the matter brought by the retailers, Truworths Limited, Foschini Group Limited and Mr Price Group Limited (the “Applicants”) against the Minister of Trade and Industry and the National Credit Regulator (the “Respondents”) in which the Applicants requested the court to […]

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fees

New Debt Counselling Fees

The National Credit Regulator recently published a circular and guideline in respect of the new fees that debt counsellors may charge consumers during the debt review process. The new fees are effective from 1 April 2018 and do not apply retrospectively. The NCR also advised that compliance with the fee structure will be monitored. Please click here […]

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Debarment Overturned

Further Panel Beating to Debt Relief Bill likely

Following our article published on 7 December 2017, dealing with the Draft National Credit Amendment Bill, 2018 (the Bill), the Portfolio Committee on Trade and Industry held their public hearings on 30, 31 January and 2 February 2018, where various stakeholders within the credit industry presented their submissions to the committee members. According to a media statement by the National Assembly’s […]

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credit-provider

Debt Relief Bill Published

On 24 November 2017, the Portfolio Committee on Trade and Industry published its Draft National Credit Amendment Bill, 2018 (the Bill) in the Government Gazette. The Bill is generally referred to as the Debt Relief Bill as it proposes the new concept of ‘debt intervention’. A South African citizen or permanent resident that is a natural person […]

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car_dealership

Credit Regulator Cracks down again

The National Credit Regulator (NCR), in a media release on 24 October 2017, also issued a compliance notice to Volkswagen Financial Services South Africa (Pty) Ltd (VW) for charging consumers an on-the-road fee, admin fee and handling fee under its credit agreements. This followed after BMW Financial Services (BMW) received a similar compliance notice on 5 October 2017. In […]

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audit

Compliance audit on credit life insurance policies

Since the publication of the final credit life insurance regulations (the Regulations) that came into effect on 10 August 2017, Moonstone received numerous queries relating to the compliance requirements imposed by the Regulations. In the National Credit Regulator’s (NCR) annual report for the period 2016/2017, both the Minister and the NCR’s Credit Provider Compliance Manager specifically identified […]

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regulations

Credit Life Insurance Regulations

On 11 August 2017, the National Credit Regulator (NCR) released a media statement on the final credit life insurance regulations published under Government Gazette Notice No 103 which became effective on 10 August 2017. In this statement, Lesiba Mashapa, Company Secretary at the NCR advised, among others, that: “Consumers that are not employed cannot be sold retrenchment […]

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insurance

New Credit Life Insurance Regulations from 10 August

Registered credit providers should note that the long-anticipated credit life insurance regulations will come into effect on 10 August 2017 (“Commencement Date”). On 9 February 2017, the Minister of Trade and Industry, Dr Rob Davies, published the final credit life insurance regulations under Government Gazette Notice No 103, in the Government Gazette No 40606 of 2017(“Regulations”). The Regulations will only […]

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fees

Annual NCR registration fees due 31 July

All National Credit Regulator (“NCR”) registrants, including credit providers, credit bureaux, debt counsellors, payment distribution agents and alternative distribution agents are obliged to pay their annual registration renewal fees by 31 July 2017. The payment of the registration renewal fees changed on 11 May 2016 when the Minister, Dr Rob Davies, published the final regulations on the determination of […]

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