We at CSTI have developed a service to assist you, as a credit provider, with the process of preparing for the formal yearly audit process by identifying to what extent you are compliant or non-compliant with the legislation as well as what actions or steps you need to implement to meet the compliance requirements.

Your institution may face severe consequences should the National Credit Regulator (NCR) find you to be non-compliant with the requirements of the legislation.

These consequences could include the following: loosing your registration with the Regulator which allows you to offer credit, being fined with minimum amounts of R 1 000 000 or 10% of your annual turnover or having credit agreements set aside or suspended.

The readiness audits will assist you to become and remain compliant with the provisions of the Act and also assist you to prepare for your yearly formal audit process.

You will be able to resolve all non-compliance issues beforehand, thereby allowing you to save on time and costs associated with the formal audit processes.

The scope of our compliance readiness audit will cover the following aspects:

• Registration with the National Credit Regulator
• Availability of Policies and Procedures
• Documentation and Forms i.e. Pre-Agreement Statements, Quotations, Contracts, Credit Application Forms etc.
• Credit Assessment Practices & Methodologies including Affordability Calculations
• Use of Credit Information Agencies
• Calculating the Costs of Credit
• Marketing & Advertising of Credit
• Collection and Repayment Practices
• Statements of Account
• Statistical Returns
• Education and Training of Employees
• Implementation and Adherence to Consumer Rights

You will never regret preparing enough, especially when being compliant is such a considerable part of your success as a credit provider.

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