CCR World Magazine

You are here  :Home arrow News arrow National Credit Regulator issues a Compliance Notice to Capfin for breach of the National Credit Act
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


National Credit Regulator issues a Compliance Notice to Capfin for breach of the National Credit Act Print E-mail
Wednesday, 20 August 2014

The National Credit Regulator (NCR) has announced that it has issued a Compliance Notice to Southern View Finance t/a Capfin for breach of the National Credit Act 34 of 2005 (NCA).

The investigation conducted by the NCR revealed that:
·       Capfin does not obtain and verify proof of consumers’ income and also does not require consumers to provide supporting information or documentation to verify their income in order to determine the ability of the consumers to repay the credit applied for;

·       Capfin’s advertisements for credit mislead and/or deceive consumers into believing that income verification and supporting documentation are not requirements for affordability assessments; and

·       Capfin does not maintain and keep records of documentation in support of affordability assessments.

The notice requires Capfin to submit an audit report that confirms that Capfin has implemented systems and procedures to comply with the NCA in respect of these issues.

(Source - NCR Media Release)


The CCR World App


Read CCR World as an App on your iPad or iPhone.
Simply click on this link (opens iTunes as an external link) to see the CCR World iTunes Preview and download to receive a free two-week trial or go to iTunes or the App Store and search for "CCR World".

CCR Magazine

Want to know more about the UK credit scene? Then take a look at our sister magazine, CCR, the leading UK publication for senior credit industry executives.

Find out more

CCR World newswire

Sign up to our E-Newsletter and E-Alerts.


Read The Magazine - FREE ONLINE!

CCR World is the premier magazine for consumer and commercial credit professionals. It provides an independent voice to the global industry, breaking news stories and running in-depth features.

It is FREE to read online, so click here to read the current edition online.

(If you have not registered already, you will just need to do so to read all the news and analysis).

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197