CCR Magazine

CCRi banner ad
You are here  :Home arrow News arrow National Credit Regulator refers Foschini Retail Group (Pty) Ltd to the National Consumer Tribunal
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
National Credit Regulator refers Foschini Retail Group (Pty) Ltd to the National Consumer Tribunal PDF Print E-mail
Tuesday, 04 July 2017
The National Credit Regulator (NCR) has announced that it has referred Foschini Retail Group (Pty) (Foschini) to the National Consumer Tribunal (Tribunal) following an investigation by the NCR which revealed Foschini has charged consumers a club fee on credit agreements. The club fee charged by Foschini is reflected in consumers’ credit agreements. The charging of a club fee on credit agreements is not permitted by the National Credit Act. 

“The National Credit Act allows consumers to be given a quotation which sets out the cost of credit before signing credit agreements. Consumers should request this quotation from their credit providers so that they can properly check the cost of credit that is being offered”, says Jacqueline Peters Manager, Investigations and Enforcement Department at the NCR.

The NCR is asking the Tribunal to:

· Order Foschini to refund the affected consumers the club fees charged;
· Order Foschini to conduct an independent audit into its loan book to determine the number of consumers to be refunded;
· Interdict Foschini from charging consumers a club fee on credit agreements;
· Impose an appropriate administrative fine on Foschini.

The NCR will continue to conduct industry-wide investigations on the cost of credit to root out illegal charges and fees that consumers are charged.
 
CCRI
3 October - Guoman Tower Hotel, Central London 

CCRInteractive, in association with Marston Holdings , is the largest and leading one-day conference from the publishers of CCRMagazine – a truly national and international event for the credit industry.

This landmark event allows delegates to: Learn best practice of how to increase profitable sales in today’s economy. Understand the key compliance issues and how they will impact upon you. Discuss the legislative and regulatory framework and how it will effect you. Consider the potential effects of Brexit on your business. Discover the latest innovations in the market to improve your collections. Motivate your staff to achieve ever improved results.

To book to attend in 2017, contact Stephen Kiely  or Alison Lucas. To find out more about being part of this landmark event, please contact Gary Lucas
CCRI 

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

The Credit Excellence Awards

Awards 

Tuesday 3 October - Guoman Tower Hotel, Central London


Do not miss your chance to meet and network with the Winners and Finalists at the Credit Excellence Awards, in association with Hoist Finance.


To book your place to attend, please contact Alison Lucas.


subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197