Greater powers mooted for SA’s credit regulator
National Credit Regulator amendment will see the minister empowered to provide relief to overindebted households through law
The Department of Trade and Industry wants the powers of the National Credit Regulator (NCR) to be strengthened so that the regulator can proactively undertake investigations, settle disputes and impose administrative fines on credit providers. In terms of proposed amendments to the National Credit Act the minister would also be given the power to provide relief to overindebted households through regulation. The proposed amendments are part of a drive to curb reckless lending, which according to the department continues unabated. Parliament’s trade and industry committee has approved the proposal to enhance the regulator’s powers. The proposals arose out of a court case involving Capitec in which the court ruled that the regulator needed a reasonable suspicion of wrongdoing to investigate a matter. DA spokesman on trade and industry Geordin Hill-Lewis said the law did not give the regulator the power to conduct proactive investigations and that there was no clarity as to what consti...
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