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National Credit Regulator takes aim at Lewis after claims of illegal action

9 July 2015 5:07 PM
The NCR has referred Lewis Stores and Monarch Insurance to the National Consumer Tribunal.

Also read the following related article:

The Business Day is reporting that The National Credit Regulator (NCR) has referred Lewis Stores and Monarch Insurance to the National Consumer Tribunal for alleged breaches of the National Credit Act by mis-selling employment and disability cover.

We interviewed Lesiba Mashapa, Company Secretary at The National Credit Regulator.

Scroll down to listen to the interview.

Forcing consumers to take out credit life insurance, in addition to their own life insurance, is illegal.

Lesiba Mashapa, Company Secretary at The National Credit Regulator

We are seeking refunds for consumers. We hope this sends a message to other credit providers.

Lesiba Mashapa, Company Secretary at The National Credit Regulator

This case will set a very good precedent. It will confirm the NCR’s position and the National Credit Act. We are determined to enforce this and protect consumers.

Lesiba Mashapa, Company Secretary at The National Credit Regulator

9 July 2015 5:07 PM