The National Credit Regulator (NCR) has a vital function to perform. They were established by the National Credit Act (the Act) They are tasked with ensuring that the various rules, regulations of 2005 and are responsible for the regulation of credit in South Africa.
As part of their mandate, they must carry out the following functions;
- Policy Development
- Registration of Participants (Creditors, Bureaus, Debt Counsellors, Payment Distribution Agencies and Alternate Debt Resolution Agents)
- Management and Investigation of Complaints
- Enforcing the Act
They fall under the ambit of the Department of Trade and Industry and answer directly to the Minister in that department.
The Act also requires that the NCR develops an accessible and fair credit market, with a specific focus on the needs of historically disadvantaged people, love-income people, and remote, isolated or low-density areas.
The NCR has also made available information brochures containing all the information reflected above, but in more detail, including contact information. Download these forms here;