South Africa: Debt Collection Industry to be Regulated By Qualification

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00020978-south-africa-debt-collection-industry-to-/

By Sue Blaine, BusinessDay

South African debt collectors will have their first industry- specific qualification by mid-year, the financial services sector’s education and training authority said yesterday.

“There is a real need for this,” said Jasper Noeth, chairman of the Council for Debt Collectors, a statutory body established to regulate the industry. “I think this initiative will improve the debt collection industry and be of benefit to the public.”

The Debt Collectors’ Act, which controls the industry, was enacted in 1998 but not promulgated until 2003. A clear lack of control has given many debt collectors free rein to do as they wish in pursuing debt and has led to criticism of heavy-handed tactics.

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