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Lewis Stores credit ruling a win for consumers

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Cape Town - The tough ruling against Lewis Stores is a clear warning that illegal practices in the credit industry will not be tolerated, according to Debt Rescue CEO Neil Roets.

The National Credit Regulator (NCR) found Lewis Stores guilty of infringing the National Credit Act (NCA), relating to credit insurance and disability cover sold to pensioners and self-employed consumers.

Shares in Lewis Group [JSE:LEW], the subsidiary Lewis Stores, was trading down -0.87% at R43.52 on Tuesday afternoon. The ruling last week sent the share price tumbling by as much as 3%, making it the biggest loser among its peers.

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