Amendments to the Financial Intelligence Centre Act, 2001
("FICA") have changed the definition of
accountable institutions, raising important considerations for
credit providers, including those of offer incidental credit.
Schedule 1 to FICA now lists a person who carries on the
business of a credit provider as defined in the National Credit
Act, 2005 ("NCA") as an accountable
institution and certain credit providers excluded from the
application of the NCA.
An incidental credit agreement is defined as an agreement,
irrespective of its form, in terms of which an account was tendered
for goods or services that have been provided to the consumer, or
goods or services that are to be provided to a consumer over time
and either or both of the following conditions apply:
