THE BAD

Finweek English Edition - - THE WEEK -

The Na­tional Credit Reg­u­la­tor (NCR) has re­ferred fash­ion re­tailer TFG to the Na­tional Con­sumer Tri­bunal for charg­ing con­sumers a club fee on credit agree­ments, Money­web re­ported. The NCR an­nounced on 4 July fol­low­ing its in­ves­ti­ga­tion that the charg­ing of club fees on credit agree­ments by TFG was not per­mit­ted by the Na­tional Credit Act. Ac­cord­ing to the re­port, club fees are typ­i­cally charged to con­sumers’ store ac­counts at a monthly fixed rate for pur­ported ben­e­fits in­clud­ing fu­neral plans, re­wards vouch­ers, mag­a­zines and dis­count of­fers. The re­fer­ral of TFG by the NCR fol­lowed that of its coun­ter­parts Ed­con and Mr Price over club fees on credit agree­ments.

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