National Credit Regulator (NCR)

National Credit Regulator (NCR)

The National Credit Regulator (NCR) was established under the National Credit Act 34 of 2005 and is responsible for the regulation of the South African credit industry. The NCR is tasked with educating, research, policy development, registration of industry participants, investigation of complaints, and ensuring enforcement of the National Credit Act (NCA).

The NCA requires the National Credit Regulator to promote the development of an accessible credit market. The NCR has been mandated particularly to address the needs of historically disadvantaged persons.

The NCR is also responsible for the registration of debt counsellors, credit providers, credit bureau and alternative dispute resolution agents.

The NCR has a specific department dealing with new registrations for each of the above-mentioned disciplines.

It is the duty of the NCR to ensure compliance with the National Credit Act of all it’s registrants. New registrants entering the market are not always aware of every single detail that has a compliance aspect. The NCR assists these registrants to understand and move into a situation where compliance is achieved.

Registrants who do not comply on a continuous basis are at risk of losing their registration with the NCR. Debt Counsellors operations are especially scrutinized because they work with consumer funds. Over the years the NCR has deregistered quite a few debt counsellors due to non compliance.

With their office based in Midrand, the NCR is centrally based and accessible. They are always welcoming and regularly engage their registrants.

From time to time the National Credit Regulator hosts workshops to educate and upskill their registrants as well as consumers. Many consumers do not have access to financial advice, especially lower income groups. The NCR has also specifically been mandated by the NCA to educate these groups.

Consumers can approach the NCR for assistance with all matters related to the National Credit Act. When in need of a debt counsellor, a consumer may approach the NCR who will put the consumer in contact with a relevant debt counsellor.

Mostly consumers approach the NCR to lodge complaints. The NCR will upon receipt of a complaint appoint an investigating officer. Complaints can be lodged against any registrant, debt counsellor, credit bureau, payment distribution agency or credit provider.

The National Credit Regulator can be contacted at the following detail