Every industrial sector in an economy needs a regulatory body, especially sectors relating to finance. This is important to ensure a smooth, lawful and cordial relationship between parties that’ll be involved in credit transactions of any kind. This article illustrates the functionalities of the National Credit Regulator in South Africa.
About the National Credit Regulator
The National Credit Regulator (NCR) was established as the regulator under the National Credit Act No. 34 of 2005 (The Act). This body handles checks and balances and regulating the South Africa credit industry.
It is saddled with a lot of key tasks. Some of these tasks include carrying out education, research, policy development, registration of industry participants, investigation of complaints. Also, ensuring the enforcement of the Act.
What are the roles of National Credit Regulator
Just like every other regulatory body, they play a prominent role in ensuring the security of credit consumers form exploits in any form they might come. Below is a list of the roles the role of National credit regulator plays in ensuring smooth operations;
- They perform the role of researching the credit market and monitoring access to credit and the cost of credit. This is important to identify factors that may undermine access to credit, competitiveness and consumer protection.
- The regulatory body receives and investigates complaints and ensures consumer rights protection.
- Enforce the Act and take action against contravening institutions.
- They are also responsible for registering credit providers, credit bureaux, and debt counsellors.
- They also ensure the enforcement of compliance with the Act.
In a nutshell, they oversee the general activities of credit providers and their relationship with consumers.
How do customers get assistance?
The National credit regulator is ever available to listen to the complaints of consumers. Consumers can approach the regulatory body for advice or help on any credit transaction falling under the National Credit Act. The national credit regulator can also assist consumers in matters related to the credit bureau, credit information, or debt counseling.
For the sake of precision and efficiency, consumers can contact the following institutions as they specialize in specific types of complaints;
- The Ombudsman for Banking Services (0860 800 900) deals with complaints that relate to banks
- The Credit Information Ombudsman (0861 662 837) deals with complaints that relate to credit bureaus or credit bureau information
- The Provincial Consumer Affairs Directorates deal with general consumer complaints.
The National Credit Regulator collaborates with Provincial Consumer Affairs Directorates, the Banking Ombudsman, and the Credit Information Ombudsman. This to ensure they provide effective assistance to consumers.
How to contact the National Credit Regulator
For maximum reach and accessibility, the National credit regulator has taken necessary measures to ensure they are available on all platforms of communication. This is important, as citizens/customers might not have a unified means of communication. You can use the following details to reach the regulatory body at any point of the day;
- Toll share: 0860 627 627 or 0860 NCR NCR
- Registration issues: (011) 554 2600
- For enquiries: firstname.lastname@example.org
- General Complaints: email@example.com
- Debt Counseling Complaints: firstname.lastname@example.org
- Request a Workshop: email@example.com
- Website: www.ncr.org.za
Where there is no order, there is chaos. The importance of the National Credit Regulation cannot be overemphasized. They ensure checks and balances in the relationship between credit institutions and their consumers. The sanctions and principles they enforce ensures consumers’ financial security and also reduces the chances of being taken advantage of.