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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)
 

 

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