In an unexpected turn of events, the National Credit Regulator has withdrawn its referral of Foschini Retail Group , a subsidiary of listed clothing retailer The Foschini Group , to the National Consumer Tribunal for an alleged breach of the National Credit Act .
Foschini Retail Group sells Club magazine subscriptions to consumers, which the regulator said amounted to “charging” a “fee” that is not permitted by the Act.“The NCA allows consumers to be given a quotation that sets out the cost of credit before signing credit agreements.
The company has maintained its innocence, saying it will oppose the allegations as it deems them to be irrational and based on an incorrect interpretation of the legislation.
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