NCR case starts in January

The National Credit Regulator’s case against MFC over loans to vehicle buyers in the Satinsky scheme is due to be heard by the National Consumer Tribunal in January, according to an e-mail from an NCR legal adviser to a consumer. The e-mail says the regulator will call for an audit of MFC loans to Satinsky customers.

The NCR also referred to the tribunal a case against Absa for transgressions of the National Credit Act over the credit it granted to Satinsky clients. But, early this year, it was revealed in parliament that Absa had reached a settlement with the NCR. In terms of the settlement, which is confidential, the bank would pay a fine of R10-million and would give relief to certain Satinsky customers only.

Dean Macpherson, the DA spokesman for trade and industry, says the regulator must “make full disclosure” about the Absa deal to parliament’s portfolio committee on trade and industry.