Mr Price Group accused of breaching National Credit Act

The National Credit Regulator has referred Mr Price Group to the National Consumer Tribunal for breach of the National Credit Act, following an investigation by the NCR, which revealed Mr Price has charged consumers a club fee on credit agreements. The National Credit Act does not permit the charging of a club fee on credit agreements.

Mr Price Group accused of breaching National Credit ActThe NCR is asking the Tribunal to:

• Order the group to refund the affected consumers the club fees charged;

• Order the group to conduct an independent audit into its loan book to determine the number of consumers to be refunded;

• Interdict the group from charging consumers a club fee on credit agreements;

• Impose an appropriate administrative fine on the group.