National Credit Act: process to follow when a debtor is in default of a credit agreement
The National Credit Act (“NCA”) brings about a new process that needs to be followed when a debtor is in default and in breach of an agreement. In terms of the common law and law of contract, a cr ...Read More

Credit life insurance is not security for loans under the National Credit Act
The status of credit life insurance as a form of security in terms of the National Credit Act has been one of many contentious issues that have made implementing the National Credit Act such a challen ...Read More

Deadline for National Credit Act looms
On 1 June 2007, the most important sections of the National Credit Act will come into force, for both consumers and credit providers. Thus far the only sections of the National Credit Act which were a ...Read More

Good governance guidelines for pension funds
The Financial Services Board has recently issued regulations for the good governance of pension funds. It is up to the stakeholders of each fund, including the members and the employer organisations, ...Read More

Insurance Companies: The future corporate watchdogs over Executive-Management?
In the aftermath of Leisurenet, Parmalat, ENRON and WorldCom, the same question arises; who were supposed to be the watchdogs and what were they doing while executive directors abused their powers? Wh ...Read More

South African banking industry may soon have tough competition
In late 2004 the South African legislature introduced a possible new type of bank which will come into existence possibly in 2007. As Floor Inc Attorneys had already then reported, this is a tremendou ...Read More

Recent developments on the National Credit Act
Although the National Credit Act will only be fully in force from 1 June 2007, various parts of the Act has already been implemented. The parts already in force include the duty of credit providers to ...Read More

Are insurers affected by the draft Consumer Protection Bill?
Insurers and those operating in the financial services arena have seen a dramatic increase in regulation over the past decade. And just then you thought your industry couldn’t possibly be regulated fu ...Read More

Financial Advisors hit with more than just FAIS
Recently we heard that certain financial advisors were investigated for selling Leaderguard foreign exchange investment products. Three interesting aspects emerged from the media reports on the determ ...Read More

FSB releases new levies on Financial Institutions
On 29 May 2006 the Financial Services Board announced new levies to be imposed on financial institutions. The new levies affect all the erstwhile levies as determined in Board Notice 42 of 22 April 20 ...Read More

Participants in National Payment System given time to clean up their act
On 26 May 2006, also the date of becoming effective, the South African Reserve Bank issued a new directive with respect to the conduct within the National Payment System (“NPS”). Specifically the dire ...Read More

National Credit Act impacts on insurers
On 1 June 2006 South Africa saw the introduction of a new piece of consumer protection legislation, namely the National Credit Act. As one of the by-products of consumer protection this new Act also b ...Read More

President signs new Credit Act into law
The new National Credit Act has been signed into law by President Thabo Mbeki on 9 May 2006. The Act will be applicable to all institutions which provide credit either to consumers or to their supplie ...Read More

Cost of continuing to provide credit increased under National Credit Act
Since the first news of the then proposed National Credit Act started trickling in we have had numerous calls from credit providers asking us what this new piece of legislation means for their busines ...Read More

National Credit Act receives juice which may leave a bitter taste
The Department of Trade and Industry released its proposed regulations under the National Credit Act on 20 February 2006. Currently these draft regulations have no legal force and the Department invit ...Read More

National Credit Bill does not affect all credit providers
Whilst it is true that the National Credit Bill (the “Bill”), once it has become an Act of Parliament, applies to every credit agreement, there are certain exemptions to its application according to a ...Read More

National Credit Bill’s Parliamentary Hearings Update
n 5 August 2005 the Department of Trade and Industry’s Portfolio Committee started having public hearings on the National Credit Bill in an attempt to bring the Bill closer to finalisation and let var ...Read More

Bank held liable for misleading financial advice given by independent broker
The Review Panel of the ombudsman for banking services recently ruled in Nel v Standard Bank that the bank must compensate their client for losses suffered due to misleading financial advice given by ...Read More

Supreme Court of Appeal finds in favour of bank after monies were mistakenly transferred to incorrect bank account
The Supreme Court of Appeal had found in a recent case that payment cannot be effected where money was mistakenly transferred, due to a clerical error, to an incorrect bank account, as payment require ...Read More

Competition Commission investigates Banking Industry
According to the Competition Commission’s spokeperson, Zodwa Ntuli, the Commission is investigating fees and charges in the banking sector. Supposedly the purpose of the inquiry is to determine whethe ...Read More