The Supreme court ruled in favour of the National Credit Regulator. Standard Bank had been over charging clients on admin fees in connection with home bonds, the bank argued that the provisions in the usury act survived the arrival of the National Credit Act, the court rejected this argument.
The court found that the NCA applies and therefore the admin fee should not exceed R5, as set by the Minister. Standard Bank is to pick up the bill for council, and to reduce admin fees on those home bonds signed upon at and after the coming into operation of the NCA.
What about the Consumer Protection Act? If the attack on the usury act failed from the NCA angle would an avenue be open to attack the same provisions by using the CPA? and what provisions to use?
the case can be found here