Today's Big Stories

NCR finds Shoprite guilty of 'reckless lending' practices

The National Credit Regulator (NCR) says its investigation into Shoprite has revealed ‘reckless lending’ and the sale of insurance cover to consumers who do not qualify.

This includes retrenchment and occupational disability cover to pensioners and consumers receiving social grants.

Shoprite Investments and Shoprite Insurance Company Limited will now have to face a tribunal and a possible fine.

The regulator's Nthupang Magolego said the tribunal would adjudicate the matter and the NCR has requested that the retailer be fined up to 10% of their annual turnover from the preceding financial year.

Listen to the full conversation from CapeTalk's Breakfast with Kieno Kammies:

The initial concerns stemmed from what we thought was industry-wide activity, we've previously found that retailers are abusing credit agreements.

Nthupang Magolego,Senior Legal Advisor at the NCR

The NCR is of the view that Shoprite should not have sold retrenchment and occupational insurance to pensioners and those consumers who receive government grants.

NCR also wants the retailer to be audited to reimburse consumers and to write off the reckless loans.


Recommended

by THE NEWSROOM
Read More
Veterans and ANC not on same page about terms of consultative conference

Veterans and ANC not on same page about terms of consultative conference

ANC vets want civil society groups present at the consultative conference, which they want held separately from another meeting.

Top SABC journos applauded for brave testimony

Top SABC journos applauded for brave testimony

EWN's Gaye Davis summarises the evidence of the SABC journalists who appeared before the ad hoc committee in Parliament.

Shoprite in hot water for reckless lending

Shoprite in hot water for reckless lending

Shoprite is being probed by the National Credit Regulator for granting loans to people who cannot afford - "reckless lending".

NCR says 'no one is spared' in loan shark raids

NCR says 'no one is spared' in loan shark raids

Five alleged illegal credit providers have been arrested after Western Cape raids conducted by the National Credit Regulator.

Shoprite – Africa’s largest retailer – increases earnings by 10.8%

Shoprite – Africa’s largest retailer – increases earnings by 10.8%

We interviewed Shoprite CEO Whitey Basson about his firm’s results.

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

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

The NCR has referred Lewis Stores and Monarch Insurance to the National Consumer Tribunal.

Popular articles
"Duduzane Zuma is the Gupta family's greatest asset"

"Duduzane Zuma is the Gupta family's greatest asset"

Sunday Times journo Thanduxolo Jika who broke the front page story about the Gupta family emails vouches for their authenticity.

So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

How to make your first million

How to make your first million

Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.

'Collect experiences, NOT possessions!' - Paul Theron (Vestact MD)

'Collect experiences, NOT possessions!' - Paul Theron (Vestact MD)

Bruce Whitfield interviews the razor-sharp tongued Vestact MD Paul Theron about his money hopes, fears, successes, failures, etc.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...