Philanthropist Wendy Appelbaum on Friday added her voice to criticism against the National Credit Regulator (NCR), telling MPs that "absolutely nothing happens" at the regulator and that its CEO Nomsa Motshegare is often not at work. Appelbaum made her remarks during public hearings on debt relief, convened by Parliament’s trade and industry committee. She was just one of several people who launched a severe broadside against the NCR for not enforcing the National Credit Act. The feeling was that its failure to take action against reckless lenders contributed to the high levels of overindebtedness in the country. Appelbaum supported criticism from Summit Financial Partners CEO Clark Gardner, who told MPs that "absolutely nothing happens" at the NCR and that Motshegare very often did not go to work. "I honestly wonder whether she is criminally involved or criminally stupid or it could be both," Appelbaum said. She said a very "voluminous" complaint about the NCR had been submitted to...
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