CCR World Magazine


You are here  :Home arrow News arrow National Credit Regulator refers uBank Ltd to the National Consumer Tribunal for breach of the NCA
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
National Credit Regulator refers uBank Ltd to the National Consumer Tribunal for breach of the NCA Print E-mail
Wednesday, 14 January 2015

The National Credit Regulator (NCR) has announced that it has referred uBank Ltd to the National Consumer Tribunal for contraventions of the National Credit Act 34 of 2005 (NCA).

The investigation conducted by the NCR revealed that Ubank Ltd has, amongst others:-
 
·      Granted credit recklessly to consumers;
·      Granted credit to consumers who were in arrears on credit agreements with other credit providers and accordingly failed to take consumers’ debt repayment history into account;
·      Included initiation fees in the principal debt of unsecured loans; and
·      Incorrectly disclosed the interest rate on credit agreements.
 
The NCR has requested the imposition of an administrative fine and corrective measures to be taken by uBank Ltd to provide redress to the affected consumers.

(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.

subscribe

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
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197