Dear Member,
October was not a good month with regards to the Regulators.
Firstly, compliance notices were served by the National Credit Regulator on BMW Finance and Volkswagen Financial services instructing them to refund customers for charges relating to on-the-road fees.
We are awaiting the outcome of the appeal lodged by VW and BMW and will then set up a meeting with the NCR to understand their interpretation of the Act and the necessary guidelines.
Secondly, the National Consumers Commission SA construes the Consumer Protection Act as that all vehicles sold by a dealership fall under the six-month perceived warranty. Furthermore, that no vehicle, sold by a dealership, should have any special conditions attached to the sale that impedes on the rights of the consumer under the Consumer Protection Act. We have a difference of opinion on the interpretation of certain sections of the Act.
Further to the above, we have had numerous inspections by the Financial Intelligence Centre on members’ floors with hefty fines, some as high as R1,4-m for non-compliance.
We have a lot of burning issues that need to be resolved with the different regulators and hope to have some workable solutions before yearend.
I will keep you posted,
Robbie Starke
General
Manager: IDA
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