Shoprite Group has been ordered to pay a R1 million fine for lending credit recklessly.
This follows an investigation by the National Credit Regulator which found that nine out of sixty agreements were reckless.
NCR senior legal adviser Roy Stocker says if it receives further complaints and finds reckless lending on a larger scale, the fine will increase.
There is a likelihood that we would proceed with another investigation if we receive further complaints and if we were to find reckless lending on a larger scale then obviously I think the fine would be much larger.— Roy Stocker, Senior legal adviser - National Credit Regulator
Click on the link below to hear more...