National Credit Regulator v Collectnet PDA (Pty) Ltd (NCT/267892/2023/55(6))
National Credit Regulator v Collectnet PDA (Pty) Ltd (NCT/267892/2023/55(6)) [2024] ZANCT 64 (17 October 2024)
The Tribunal found, on a balance of probabilities, that the respondent failed to comply with most requirements of the compliance notice issued by the NCR. The respondent's denials were largely unsupported by evidence, and its attempts at compliance were either inadequate, misconstrued, or out of time. The respondent continued to use an unlawful bank account, failed to distribute funds within the required timeframe, inaccurately reported transactions, and did not appoint an independent service provider as required. The Tribunal concluded that these repeated contraventions constituted prohibite…
Source excerpt
- National Credit Act Compliance
- Payment Distribution Agents
- Trust Account Requirements
- Administrative Fines
- Prohibited Conduct
- Registration Cancellation