TFG to fight back over club charges
The Foschini Group comes under the spotlight of the National Credit Regulator
Clothing retailer The Foschini Group (TFG) is the latest of a number of retailers to come under the spotlight of the National Credit Regulator (NCR) for allegedly charging a club fee on its credit agreements with the group having been referred to the National Consumer Tribunal. This follows a systematic probe by the regulator into the club charges imposed by retailers, which led to Edcon, Mr Price and Lewis Stores being referred to the tribunal. The NCR has also taken action against the sale of credit insurance to certain consumers by furniture retailers such as Lewis Stores and JD Group and food retailer Shoprite. TFG said the regulator’s finding was incorrect and it would oppose its referral to the tribunal on the grounds that its club offerings were allowed by the National Credit Act. "The National Credit Act does not limit which products retailers may sell to its customers on their credit accounts. This was also recently confirmed by the National Consumer Tribunal in the Lewis c...
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