DCASA Annual Conference
DCASA hold their annual conference
The Debt Counsellors Association of South Africa (known as DCASA) hosted their annual conference today.
DCASA`s Annual Conference in Gauteng was well attended by over 250 guests. The audience consisted of Debt Counsellors, Creditor Providers, Service Providers (such as PDA`s and Insurance brokers) and other interested parties. Mel da Silva played the role of chairperson for the day( he was later rewarded with a bottle of wine for his duties).
The conference began with an introduction by Paul Slot. He not only discussed the role of DCASA but also new developments in the industry such as the new joint forum (proposed by the NCR) which will now replace DRAC. This forum will meet for the first time in September this year. Last month s well over 11000 people apply for debt review. Recent months have seen a consistent increase in the number of applications. This speaks to the increased pressure consumers are feeling at the moment.
Nomsa Motshegare CEO of the National Credit Regulator was the first guest speaker of the day. She spoke in particular about the role of the NCR and some recent developments. It was gratifying for Debt Counsellors to see the NCR paying serious attention to DCs.
Ingrid Goodspeed spoke about the twin peaks regulatory plan and touched very briefly on the impact it will have on Debt Counsellors. It seems that the plan is to see all DCs qualify as financial advisors. As she left around lunch time she was unfortunately unable to clarify this point during the afternoon Q&A session.
Ingrid and Nomsa fielded a question each before a short tea break which allowed for some networking and catching up.
Dawie Roost gave a nice and humourous explanation of world economy. He pointed out how SA is beginning to lag behind in growth in Africa. Debt levels in SA incredibly high but very slowly reducing. Large need for debt review. SA economy is not doing well. Growth will be low for the next few years and the cost of living will continue to rise.
After a delicious lunch and opportunity to talk to the service providers there was a prize-giving from both Hyphen and DCM.
Louis da Cruz spoke next from a credit provider perspective. He was followed by Hennie Ferreira CEO of MFSA who began his speech with a few amusing anecdotes after which he discussed the MFSA and how it is organised. Quoting Yogi Berra he said ” the future ain`t what it used to be”. All members in the industry have realised that the industry is actually very different to what we all thought it was going to be. He discussed how MFSA stress sustainability ethical behaviour for their members.
Many micro financiers are consolidating and there are now hundreds less micro financiers than this time last year.
He enumerated 9 burning issues including the recent withdrawal of NCR recognition for the Codes of Conduct and the upcoming credit amnesty. MFSA think it is a bad idea.
He pointed out that like it or not politics is part of credit and the credit industry. It is a reality.
In his view selling the wrong finance option to someone who can’t afford it or is vulnerable is nothing short of criminal.
In an amusing section he discussed Co opertition / frenemies – companies in same industry that need to find a way to cooperate and work to improve industry.
His final point was that self regulation does not work. If it is attempted ,a strong framework is required.
Rob Easton-Berry spoke next. He revealed that Consumer Friend are dealing with 350 applications each day. Interestingly 92% of proposals are consented to. He promoted the concept of a data switch as being the solution to many industry issues.
The conference then changed format to a question and answer session with panel of experts/speakers.
The day ended at that point and as farewell were said it was clear that though many had to hurry off all had enjoyed the event.