New Registration Requirements for PDAs
Whilst the industry has maintained its focus on the new Affordability Regulations (R.202) and other changes brought by the National Credit Act Amendments, new requirements for Public Distribution Agents (PDAs) have enjoyed less attention. This calls for the development of a new NCR accredited training programme to equip PDAs with the necessary skills to adhere to these standards.
In order to address these new requirements, the NCR released a tender that was consequently awarded to Compuscan Academy. As the leading provider of customised training solutions to the credit and financial services industries, Compuscan Academy has started the development of this much anticipated training programme, intended for directors of PDAs who will complete the programme within 6 months of registration.
“Compuscan is working closely with the NCR to ensure the earliest release of this training programme which will meet all the standards provided by the NCR, and improve the knowledge and skills of all current and future PDA directors,” comments General Manager, Cindee Groenewald.
What are the new requirements?
Since the onset of this project, the NCR has since released new registration requirements
Click here to view the required registration documents and info.
The Amendments stipulate that PDAs are now required to register with the National Credit Regulator after meeting prescribed requirements which include standards and criteria related to:
One of the education requirements is the completion of a PDA training programme approved by the NCR and provided by an accredited training institution.
(3) In addition to the requirements of section 46, an applicant for registration as a payment distribution agent must satisfy any prescribed education, experience or competency requirements.
Regulation 10: (a) Education
(i) maintain and impose appropriate qualification requirements for its employees or contractors who will have authority to represent it in any function of its business of collection and payment distribution;
(ii) a successful payment distribution training programme approved by the National Credit Regulator and provided by an accredited institution …
These measures are additional steps taken by the dti and NCR to further regulate and manage the growing credit industry in South Africa.
“With the growing tide of over-indebtedness in SA, control of debt relief options and debt review in particular remain a primary focus,” comments Groenewald.
“It is hoped that with further regulation of all industry stakeholders, including PDAs, that consumers will enjoy greater protection and assistance. Compuscan Academy takes this responsibility very seriously and is committed to deliver a product that will train efficient and effective PDAs.”
Contribution by Natasha Dickinson, Skills Development Specialist