Author: Imali-admin

JUST IN – ZUMA RESHUFFLES CABINET – AGAIN

President Jacob Zuma has announced yet more changes to his Cabinet. Hlengiwe Mkhize has been announced as the Minister of Higher Education and Training, replacing Blade Nzimande. Communications Minister Ayanda Dlodlo will replace Mkhize as Minister of Home Affairs. Energy Minister Mmamaloko Kubayi will now serve as Minister of Communications. State Security Minister David Mahlobo will take over as Minister of Energy. Bongani Thomas Bongo is the new Minister of State Security. Buti Manamela, who was deputy minister in the Presidency, has been named the new Deputy Minister of Higher Education and Training. More to follow....

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Discovery gets its banking licence

Discovery has announced that it has been granted its banking licence – a major step to the group launching its retail bank in 2018. On Monday, Discovery announced that NewDisc Limited (to be renamed Discovery Bank Limited) has been granted a banking licence in South Africa by the Registrar in terms of Section 17(1) of the Banks Act. The company was given authorisation from the Registrar of Banks to establish a banking presence in South Africa in October 2016 – a year later, it has received its licence. The grant of the banking licence is subject to specific regulatory conditions, including...

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BMW to contest regulator ruling on readiness fee

BMW Financial Services (SA) intends to challenge the compliance notice issued this week by the National Credit Regulator (NCR) because the company charges consumers an “on the road” fee on credit agreements. The NCR argued that the National Credit Act did not allow such a fee to be charged on credit agreements, but BMW Financial Services insisted the fee was agreed between the dealer and the consumer. The company provides vehicle finance to buyers of BMW vehicles and the “on the road” fee refers to those services provided to get the vehicle ready for road use such as vehicle...

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Vodacom out-of-bundle rate cut is lipstick on a pig

“Vodacom to reduce out-of-bundle prices by as much as 50%,” the breathless headline of the press release the mobile operator issued on Tuesday says. And it’s true, Vodacom will reduce out-of-bundle rates on 15 October. And some of them will be reduced by 50%. But I’m reminded of the old saw about the three levels of untruth: lies, damned lies, and statistics.   Recently the mobile networks have been under pressure to reduce data prices and, in fact, have even faced parliament in this regard. The civil society/social media #datamustfall campaign, communications regulator ICASA and politicians have all been agitating...

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NCR issues a Compliance Notice to BMW Financial Services

The National Credit Regulator (NCR) has announced that it has issued a Compliance Notice to BMW Financial Services for charging consumers an on the road fee on credit agreements. The fee is not permitted to be charged on credit agreements by the National Credit Act. The Compliance Notice instructs BMW Financial Services to refund consumers and submit an audit report to the NCR. “The National Credit Act allows consumers to be given a quotation which sets out the cost of credit before signing credit agreements. Consumers should request this quotation from their credit providers so that they can properly...

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