So many of the issues that were around back in 2009 are now a distant memory and the economy and industry have changed and matured.
New challenges have arisen and there is once again a need for a way to address these challenges swiftly.
With this in mind the NCR’s Credit Industry Forum (CIF) at it’s latest meeting held in June 2024 decided to include an updated look at the NCR Task Team and current industry challenges in an official capacity.
‘New challenges have arisen and there is once again a need for a way to address these challenges swiftly’
The idea is to engage with as many role players and get input on (1) the current role of industry participants, (2) the challenges facing the industry (3) a range of possible solutions and then identify which can be swiftly implemented to streamline the process for consumers.
While not all suggestions might be able to be immediately implemented it will be good to have a working document containing a wish list of future goals and solutions and perhaps an annual review of the document.
This document or report and the NCR’s take on the suggestions could then be set before the DTIC, who make regulations and can even help drive amendments to the National Credit Act.