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National Credit Regulator: Edcon ruling a win for consumers

The regulator’s Jaqueline Peters says they will now approach Edcon to request an independent audit of its loan book.

FILE: Edgars in Cavendish Square. Picture: Google Earth/Tinotenda Chemvura

JOHANNESBURG – The National Credit Regulator says the judgment against the Edcon Group by the National Consumer Tribunal is a victory for consumers.

On Wednesday, the tribunal ordered the retailer to stop charging club fees to its customers, finding it unlawful and in contravention of the National Credit Act.

The company, which owns Edgars, Jet and CNA was referred to the tribunal by the regulator.

The regulator’s Jaqueline Peters says they will now approach Edcon to request an independent audit of its loan book.

“We think that it’s a victory for consumers. You know the Act went to great lengths to describe the fees and charges which are allowed to be included under a credit agreement.

“And this will now show that only those fees and charges, as set out in the very close list of the Act, are allowed to be included in the credit agreement.”

(Edited by Leeto M Khoza)