Thu, December 12, 2024

Finance companies in South Africa slapped with R1.8 million in fines

The Financial Sector Conduct Authority has slapped two financial firms for failing to fully comply with provisions of the FIC Act.

The article from BusinessTech reports that the National Credit Regulator (NCR) in South Africa has imposed fines totaling R1.8 million on various finance companies for non-compliance with the National Credit Act. The fines were issued due to multiple infractions including failure to register as credit providers, not issuing credit agreements, and not conducting necessary affordability assessments before granting credit. Among the companies fined, Direct Axis SA received the highest penalty at R1.2 million for 12 contraventions. Other companies like Wesbank, RCS, and Capitec Bank were also fined for similar issues. The NCR emphasized the importance of compliance to protect consumers and maintain the integrity of the credit market.

Read the Full businesstech.co.za Article at:
https://businesstech.co.za/news/finance/804131/finance-companies-in-south-africa-slapped-with-r1-8-million-in-fines/