By Emily Setona
QWAQWA – The National Credit Regulator (NCR) alongside other stakeholders came to the community of Maluti – A – Phofung to create awareness about consumer rights issues. This event was held at the Riverside arts centre on March 10.
The NCR regulates the entire credit industry and according to their mandate their task is to promote and support the development of a fair, transparent, competitive, sustainable, responsible, efficient and effective consumer credit market and to increase the participation of historically disadvantaged individuals, low-income individuals and communities, and remote, isolated or low- density populations and communities in the consumer credit market. This sentiment was echoed by Kabelo Teme who works for the Credit Ombud when she said; “the reason why we are here today is to educate people about their consumer rights. Our office offers free assistance with credit related matters.”
Teme also stated that March 15 is celebrated as World consumer rights day therefore they are using this month of March to go around the county on a road show educating people from historically disadvantaged communities about their rights. Oupa Mathabathe from the Financial Sector Conduct Authority (FSCA) when speaking to The Guard had this to say, “FSCA makes sure that all the insurance companies and banks are registered with them, when looking for a financial adviser people must visit our website to verify the credentials of the financial advisor they are considering to work with.” It is very important for consumers to first seek professional advice before they find themselves entangled in credit disputes that they could have avoided.
Ramosehle Bodibe from the Motor Industry Ombudsman (MIO) said: “WE educate people about their rights when it comes to the motor vehicle industry. We help consumers to solve their disputes when it comes to car dealership problems.” Most consumers who get into a rent to buy agreement with a car dealership usually don’t know that it is the responsibility of the dealership to service the car for them. “We also advise car sales persons not to withhold information from their customers,” Bodibe said.
