Regulatory Alerts2017-08-14
Added · Updated
Circular 11 of 2017: DHS New Functionalities
Registered debt counsellors and credit providers must use the Debt Help System to automatically transfer consumer records, eliminating the need for National Credit Regulator intervention or confirmation letters. The automated process requires debt counsellors to respond to transfer requests within five working days, after which records transfer automatically, and mandates the upload of all transfer documents for random audit. Bulk transfers remain subject to manual processing by the regulator, while inactive records with specific status codes do not require transfer. This functionality becomes effective on 20 August 2017.
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