National Credit Regulator v Future Sonie Financial Services (Pty) Ltd (NCT/166022/2020/57(1)) [2021] ZANCT 50 (1 December 2021)

National Credit Regulator v Future Sonie Financial Services (Pty) Ltd (NCT/166022/2020/57(1)) [2021] ZANCT 50 (1 December 2021)

The Tribunal found that the revised settlement agreement, dated 2 November 2021, complied fully with its directives and addressed the inappropriate references to Section 3 of the Act. The Tribunal was satisfied that the dispute between the parties had been resolved by agreement and that the revised settlement agreement was appropriate for confirmation as a consent order under the National Credit Act. Accordingly, the Tribunal confirmed the revised settlement agreement as an order of the Tribunal.

Citation
[2021] ZANCT 50
Parties
Applicant: National Credit Regulator; Respondent: Future Sonie Financial Services (Pty) Ltd
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
1 December 2021
Case Number
NCT/166022/2020/57(1)
Procedural Posture
Review Application / Settlement Confirmation
Outcome
The revised settlement agreement is confirmed and made an order of the Tribunal. No order as to costs.
Judges
B Dumisa, D Terblanche, F Sibanda
Legal Topics
National Credit Act, Settlement Agreement, Administrative Fine, Consent Order
Banking and Finance Civil Procedure National Credit Act Settlement Agreement Administrative Fine Consent Order

Case Brief

Summary, issues, holding and outcome

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Parties

National Credit Regulator

Applicant

Future Sonie Financial Services (Pty) Ltd

Respondent

Procedural Posture

Review Application / Settlement Confirmation

Legal Issues

  1. 1 Whether the Tribunal should confirm the revised settlement agreement as a consent order under the National Credit Act.
  2. 2 Whether the references to Section 3 of the Act constituted valid contraventions by the Respondent.
  3. 3 Whether the revised settlement agreement complies with the Tribunal's directives.

Ratio Decidendi

The Tribunal found that the revised settlement agreement, dated 2 November 2021, complied fully with its directives and addressed the inappropriate references to Section 3 of the Act. The Tribunal was satisfied that the dispute between the parties had been resolved by agreement and that the revised settlement agreement was appropriate for confirmation as a consent order under the National Credit Act. Accordingly, the Tribunal confirmed the revised settlement agreement as an order of the Tribunal.

Court Disposition

The revised settlement agreement is confirmed and made an order of the Tribunal. No order as to costs.

Orders

  • The Revised Settlement Agreement dated 2 November 2021 between the Applicant and Respondent is confirmed and made an order of the National Consumer Tribunal under Section 150(d) of the Act.
  • There is no order as to costs.