Summit Start The Year With Shots at the NCR
Summit CEO Questions NCR’s Commitment To Consumers
2020 has kicked off to a fast start as Clark Gardner – the CEO of Summit Financial Partners – has been talking to the media and questioning the National Credit Regulator’s (NCR) commitment to looking after the rights of consumers.
In one story featured by City Press (HERE) Mr Gardner says that it is telling that in the recent High Court case between Stellenbosch University Law Clinic and various parties the NCR had to be added as a respondent in the case. He somewhat provocatively calls into question the activity of the Regulator in protecting consumers.
In that recent court case, a huge victory for consumers was won that gives added clarity on the protection that the National Credit Act offers consumers. (Read about that case HERE). Summit Financial Partners also played a pivotal part in this court case.
One of the jobs that the NCR has is to make sure that credit providers and other registrants are behaving themselves. Recently, however, they have faced several unfortunate courtroom defeats at the hands of credit providers over issues like fees not listed in the NCA. Most recent was the case of Lewis Stores and their club fees which the NCR felt were illegal but where the Courts disagreed. This has been a blow to both consumers and the NCR.
‘the Economy is heading for tough times’
It is hoped that 2020 will be a good year legally speaking for consumers with other similar beneficial rulings being made and improved behaviour by collections agents since it looks set to be an incredibly hard one financially for most people as the Economy is heading for tough times.
If you are already struggling to keep up with your debt payments then please go speak to a local Debt Counsellor now for advice.