Credit Regulator’s Ruling on the Credit Industry’s Codes of Conduct

The National Credit Regulator (NCR) has made a final decision on the credit industry codes of conduct.

Following consultations with stakeholders and consideration of the written submissions made, the NCR has decided to amend the Credit Providers’ Code of Conduct to combat over-indebtedness, the Debt Counsellors’ Code of Conduct for debt review and the Payment Distribution Agencies Code of Conduct for debt review (“the Codes”) to ensure that they are within the spirit and letter of the National Credit Act 34 of 2005 (NCA).

Accordingly, the NCR has decided to withdraw its recognition of the National Debt Mediation Association (NDMA), Debt Counsellors Association of South Africa (DCASA) and the Credit Ombud regarding any role they perform in the Codes and to remove their reference from the Codes, said Nomsa Motshegare, CEO of the National Credit Regulator.

The amended codes shall come into effect on 01 May 2013 and will be sent to the registrants in due course, concluded Motshegare.