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Tag Archives | NCR

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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loan

NCR warns against loan scam – National Credit Regulator issues public warning

The National Credit Regulator (NCR) has recently warned consumers against fake credit providers offering loan scams. “These scams typically target those who are in distressed financial circumstances and looking for a loan, using slogans such as “blacklisted” or “debt review clients welcome”, Jacqueline Peters, Manager: Investigations and Enforcement at the NCR explains. According to Peters […]

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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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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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progress-report

Insurer Obligations re Credit Reports

In future, insurers will have to submit credit information in order to continue accessing consumer credit reports from credit bureaux. On 3 November 2017, the National Credit Regulator (NCR) published its final guideline for the submission of credit information in terms of regulation 19(13) of the National Credit Act, 34 of 2005 (NCA) as amended […]

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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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BMW

NCR smacks BMW

Views ‘on-the-road-costs’ as not being in line with prescriptions On 3 August, we published an article on the National Credit Regulator’s (NCR) media statement, warning vehicle financiers (being registered credit providers) that they will be conducting a compliance monitoring exercise on vehicle licence and registrations fees payable under credit agreements. As part of this compliance […]

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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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