Debtfree Magazine January 2018

to investigate. To protect themselves from problems, Debt Counsellors
would have to flag almost every matter they look at and can’t get papers
for in time. There is naturally also concern among credit providers over
the possible fines and share price impact of thousands of investigations
every year.
Also of interest, are clauses in the Bill that will see business owners and
the big bosses held accountable for the actions of their staff (that they are
aware of). This could see Board members, CEOs and CFOs heading to
jail for things that happen at branches and outlets among credit providers,
credit bureaus, ADRAs, PDAs and Debt Counselling firms.
After all the comments - written and oral - have been made, the Portfolio
committee have to consider if they will amend or add any clauses (there are
a lot of areas where the NCA urgently needs amendments that have been
totally ignored in this Bill). Eventually the Bill will go before Parliament and
various committees and even the President before it is potentially enacted.