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Tag Archives | Credit

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Bank Ombud now also handles bank-related credit complaints

As of 1 October 2019, all banks and credit bureau listing related complaints, involving banks, will fall under the jurisdiction of the Banking Ombudsman. All non-bank related credit bureau complaints will still be dealt with by the Credit Ombudsman. Credit bureau complaints involving banks vary and may include:  complaints related to the listing of inaccurate […]

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NCA

New National Credit Amendment Act – Study highlights negative impacts

Earlier this week, parliament’s Portfolio Committee on Trade and Industry was briefed on the new National Credit Amendment Act. As part of the briefing, parliament received a socio-economic impact assessment study (SEIAS) on how the act will impact banks, government and consumers. The socio-economic impact assessment was conducted by Genesis Analytics. Fin24 reported that the […]

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court-law

The High Court rules in favour of the NCR – Credit Providers to implement necessary controls

“Banks should obtain permission from consumers before transferring funds from consumers’ accounts to pay amounts due under credit agreements”, Nomsa Motshegare, Chief Executive Officer of the National Credit Regulator (NCR) commented after a High Court ruling in Johannesburg last week. The High Court in Johannesburg ruled in favour of the NCR against Standard Bank that […]

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Loans

TransUnion SA Industry Insights Report – More South Africans are relying on credit

The latest TransUnion’s Industry Insights Report found that unsecured credit products, including credit cards and personal loans, which are typically used to fund household expenses and smaller ticket purchases, saw a significant year on year growth in Quarter 1 of 2019: Credit card balances grew by 6.6% Year on year Bank personal loans and non-bank […]

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Finance

Credit Insurance – Does it cover the self-employed?

Credit life or credit protection plans are insurance policies that afford cover to consumers of credit to provide assurance that in the event of their death, disability, terminal illness or retrenchment, the outstanding credit or finance charges will be taken care off. A recent FAIS Ombud newsletter discussed credit life policies in more detail. According […]

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