Mr Price in breach of credit act - NCR | Fin24
  • SA Revenue Service

    The tax agency says a unit that tackles illicit financial flows has recovered R2.6bn since April 2019.

  • Eskom

    The power utility has brought back a former manager to head up its Kusile construction.

  • Zimbabwe

    The country has turned to UAE in hopes of selling a stake in its national oil company.


Mr Price in breach of credit act - NCR

Jun 01 2017 11:53
Matthew le Cordeur

Company Data


Last traded 176
Change -2
% Change -1
Cumulative volume 1182995
Market cap 0

Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Markets edge higher as rand loses ground

Mr Price shares surge despite first earnings slump in 16 yrs

Investors unimpressed as Mr Price shows Christmas sales drop

Weaker Mr Price pins hope on Christmas sales

Tough conditions take their toll on Mr Price

SHARE WATCH: SA retailers having a tough time


Cape Town – South African retailer Mr Price [JSE:MPR] was on Thursday referred to the National Consumer Tribunal by the National Credit Regulator (NCR) for being in breach of the National Credit Act.

This followed an investigation by the NCR, which revealed that Mr Price charged consumers a club fee on credit agreements, the regulator said in a statement on Thursday.

The charging of a club fee on credit agreements is not permitted by the National Credit Act, it explained.

“The National Credit Act allows consumers to be given a quotation, which sets out the cost of credit before signing credit agreements,” said Nthupang Magolego, senior legal advisor at the NCR.

"Consumers should request this quotation from their credit providers so that they can properly check the cost of credit that is being offered."

Mr Price should refund the affected consumers the club fees charged and conduct an independent audit into its loan book to determine the number of consumers to be refunded, the NCR wants the tribunal to order.

In addition, it wants the tribunal to interdict Mr Price from charging consumers a club fee on credit agreements and impose an appropriate administrative fine on Mr Price.

Mr price shares were flat at R150 at 11:35 on the JSE.

SUBS CRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin2 4's top stories trending on Twitter:



Company Snapshot

Voting Booth

How concerned are you about ransomware attacks?

Previous results · Suggest a vote