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|National Credit Regulator refers 13 credit providers to the Tribunal|
|Friday, 19 February 2016|
The National Credit Regulator (NCR) has announced that it has referred 13 (thirteen) credit providers to the National Consumer Tribunal (Tribunal) in the last week.
The referrals follow investigations conducted by the NCR across the country into micro-lenders. These investigations revealed that these entities were:-
1. Extending credit recklessly to consumers;
2. Failing to provide pre-agreement quotations to consumers;
3. Charging interest in excess of the prescribed maximum rates;
4. Overcharging of service fees;
5. Unlawfully retaining pension cards, bank cards, identity documents and personal identity numbers (PIN) of their clients as surety.
“The NCR is intensifying its effort to detect reckless lending and the retention of consumer bank cards and identity documents”, says Jacqueline Boucher, Manager Investigations and Enforcement at the NCR.
The NCR will continue to take enforcement action against entities who extend credit recklessly to consumers and reminds credit providers that keeping pension cards, bank cards and identity documents is a criminal offence”, she adds.
The NCR is asking the Tribunal to order the entities to:-
· Refund the affected consumers;
· Interdict them from continuing with their unlawful conduct;
· Impose an appropriate administrative fine.
The NCR will continue to conduct industry-wide investigations to root out breaches of the National Credit Act and abuse of vulnerable consumers.
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