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.


This article first appeared on 702 : NCR finds Shoprite guilty of 'reckless lending' practices


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
If you're caught driving with your phone, officials are allowed to confiscate it

If you're caught driving with your phone, officials are allowed to confiscate it

If the engine is running and you are sitting behind the wheel you are not allowed to operate your phone says W Cape's JP Smith

[WATCH] Zola Tsotsi drops bombshell about Zuma meeting at State Capture Inquiry

[WATCH] Zola Tsotsi drops bombshell about Zuma meeting at State Capture Inquiry

Former Eskom chair Zola Tsotsi’s jaw-dropping statements include Tony Gupta saying they could hire or fire Eskom board members.

SA fizzy drinks undergo "shrinkflation" to control sugar intake

SA fizzy drinks undergo "shrinkflation" to control sugar intake

Coca-Cola has reduced its 500ml "buddy" to 440ml and the traditional 330ml Coke cans will soon have a volume of just 300ml.

Mugabe threatened to dissolve Parliament hours before his resignation

Mugabe threatened to dissolve Parliament hours before his resignation

Deputy President of MDC says Mugabe's threats could not deter them from their mission to impeach him - they were determined.

What Shoprite, Checkers, Pick n Pay and Makro will offer on Black Friday

What Shoprite, Checkers, Pick n Pay and Makro will offer on Black Friday

Up for a Springboks level scrum? Instructions on how to ensure you get the deals in your inbox the moment they become known...