Regulatory Alerts2013-04-30
Added
Debt Counsellors’ Code of Conduct for Debt Review
The National Credit Regulator’s Code of Conduct for Debt Counsellors requires registered debt counsellors to support the National Credit Act by preventing over-indebtedness and ensuring successful debt review conclusions. Debt counsellors must adopt NCR-approved processes, act ethically towards consumers and stakeholders, use accredited payment distribution agencies, and submit reasonable repayment proposals to credit providers. The code mandates effective internal complaint handling mechanisms, cooperation with the NCR and other stakeholders, and annual reporting on consumer profiles and compliance progress. This Code comes into effect on 1 May 2013, replacing the previous version.