Registration of Marikana credit firm cancelled

2013-11-01 17:03

The registration of a credit provider operating at Marikana, North West, has been cancelled for reckless lending and contravening the National Credit Act, the National Credit Regulator (NCR) has said.

The National Consumer Tribunal cancelled the registration of Rufus Alfonso Financial Consultants after raids were conducted by the NCR late last year into credit providers operating at Marikana, the NCR said today.

The raids showed that Rufus Alfonso Financial Consultants granted credit to consumers recklessly, charged consumers interest in excess of the maximum prescribed rate and retained consumers’ bank cards, identity documents and pin codes.

“The tribunal ordered the cancellation of the credit provider with immediate effect and that the credit provider refund consumers all interest monies charged in excess of the prescribed maximum rate,” the NCR said.

It also requested the tribunal impose an administrative fine, though the tribunal ordered the NCR to return to it in the near future to make submissions on the fine.

“Consumers are advised that the Rufus Alfonso Financial Consultants firm is no longer allowed to operate as a credit provider and to offer credit,” the NCR said.

“The NCR views reckless lending in a serious light given its negative consequences for consumers and responsible credit providers.”

NCR CEO Nomsa Motshegare urged credit providers to conduct proper affordability assessments on credit applicants.

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