National Credit Regulator v Prestige Cash Loans (Pty) Ltd (NCT/257509/2023/57(1)) [2025] ZANCT 20 (15 April 2025)

National Credit Regulator v Prestige Cash Loans (Pty) Ltd (NCT/257509/2023/57(1)) [2025] ZANCT 20 (15 April 2025)

The Tribunal found that the respondent admitted to contravening multiple provisions of the National Credit Act and related regulations, including operating an unregistered branch, charging excessive interest, and failing to conduct proper affordability assessments. The parties entered into a settlement agreement in which the respondent acknowledged prohibited conduct, agreed to close the unregistered branch, appoint an independent auditor, and pay an administrative fine. The Tribunal held that the application for a consent order was competent and that confirming the settlement agreement as a consent order would bring finality to the matter. The Tribunal confirmed the settlement agreement...

Citation
[2025] ZANCT 20
Parties
Applicant: National Credit Regulator; Respondent: Prestige Cash Loans (Pty) Ltd
Court
National Consumer Tribunal
Jurisdiction
South Africa
Judgment Date
15 April 2025
Case Number
NCT/257509/2023/57(1)
Procedural Posture
Consent Order Application / Consent Order Application Following Settlement Agreement Under Section 138 of the National Credit Act.
Outcome
Settlement agreement confirmed as a consent order; no order as to costs.
Judges
A Potwana, M Peenze, N Maseti
Legal Topics
National Credit Act, Prohibited Conduct, Administrative Fine, Settlement Agreement, Credit Provider Registration, Affordability Assessment
Banking and Finance Civil Procedure National Credit Act Prohibited Conduct Administrative Fine Settlement Agreement Credit Provider Registration Affordability Assessment

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Parties

National Credit Regulator

Applicant

Prestige Cash Loans (Pty) Ltd

Respondent

Procedural Posture

Consent Order Application / Consent Order Application Following Settlement Agreement Under Section 138 of the National Credit Act.

Legal Issues

  1. 1 Whether the respondent contravened multiple provisions of the National Credit Act and related regulations.
  2. 2 Whether the settlement agreement between the parties should be confirmed as a consent order under section 138 of the National Credit Act.
  3. 3 Whether the respondent's conduct constitutes prohibited conduct under section 150(a) of the National Credit Act.

Ratio Decidendi

The Tribunal found that the respondent admitted to contravening multiple provisions of the National Credit Act and related regulations, including operating an unregistered branch, charging excessive interest, and failing to conduct proper affordability assessments. The parties entered into a settlement agreement in which the respondent acknowledged prohibited conduct, agreed to close the unregistered branch, appoint an independent auditor, and pay an administrative fine. The Tribunal held that the application for a consent order was competent and that confirming the settlement agreement as a consent order would bring finality to the matter. The Tribunal confirmed the settlement agreement...

Court Disposition

Settlement agreement confirmed as a consent order; no order as to costs.

Orders

  • The settlement agreement between the applicant and the respondent is confirmed as an order of the Tribunal.
  • No order is made as to costs.