THE FOSCHINI GROUP LIMITED - Update on referral by the National Credit Regulator to the National Consumer Tribunal for alleged breach of the NCA
TFG 201905300048A
Update on referral by the National Credit Regulator to the National Consumer Tribunal for alleged breach of the NCA
The Foschini Group Limited
Registration number: 1937/009504/06
Share code: TFG
ISIN code: ZAE000148466
("TFG" or "the Company")
Update on referral by the National Credit Regulator to the National
Consumer Tribunal for alleged breach of the National Credit Act
As was announced on SENS on 4 July 2017 Foschini Retail Group (Pty) Ltd
("FRG"), a wholly-owned subsidiary of the Company, was referred to the
National Consumer Tribunal ("NCT") for allegedly being in breach of the
National Credit Act ("NCA"). FRG sells Club magazine subscriptions to
consumers, which the National Credit Regulator ("NCR") considered to be
"charging" a "fee" that is not permitted by the NCA ("Club matter").
FRG received notification from the NCR on 29 May 2019 confirming that the
NCR has withdrawn its referral to the NCT regarding the Club matter.
30 May 2019
Sponsor:
UBS South Africa Proprietary Limited
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