Clothing retailer The Foschini Group (TFG) has slammed portions of the National Credit Regulator’s new affordability regulations, saying they have already severely affected its credit turnover. CEO Doug Murray also said on Thursday that parts of the new affordability regulations "add no value" and could have unintended consequences for consumers. The retailer said the regulations, which ask consumers to provide credit providers with three months’ worth of payslips or bank statements, have severely affected the group’s credit turnover. In the six months to end September, TFG reported credit turnover growth of only 1.4%. The estimated cost for the period was about R310m. "The requirement for proof of income is unnecessary," said Murray. "All the tests we have done have shown us that it adds no value. We have always been responsible in extending credit. "What the new regulations mean is that consumers who can’t get from us are forced to find credit from other less responsible lenders,"...
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