Selling credit life insurance with retrenchment and disability cover to pensioners and disabled persons – who cannot meet the claim requirements – breaches the National Credit Act.
The judgment addresses several aspects of the National Credit Act, including the obligation to register as a credit provider and permissible interest charges.
The High Court overturns a lower court’s decision in favour of a financial adviser whose commissions were clawed back.
The changes, which include stricter compliance rules and clearer protocols for stopping debit orders, are designed to streamline the process and protect consumers.
The revised draft of PCC 23A brings further clarity to the interpretation of credit providers under the Financial Intelligence Centre Act.
Credit providers must quantify their reasonable enforcement costs promptly to allow for an agreement to be reinstated.
Fees in separate agreements between a service provider and consumers are not automatically illegal, provided they are kept separate from the fees regulated under the credit provider’s agreement.
The Money Stress Tracker survey finds that consumers’ response to financial strain is long on intent but short on action.
The most recent revision to the maximum interest rates and fees that credit providers can charge was in November 2015.
And the requirement to accept oral complaints applies to financial institutions, not only ombuds.
The Supreme Court of Appeal’s recent decision underscores the critical importance of understanding ‘transactions at arm’s length’ under the National Credit Act.
Moonstone Business School of Excellence’s engaging and interactive National Credit Act courses are tailored for industry professionals.
Judge says the courts have a duty to assess whether contracts do not offend against constitutional principles, as well as the NCA and the CPA.
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