S.Africa's Mr Price in breach of credit rules - regulator

Shares in South Africa's Mr Price fell more than 1 percent on Thursday as the country's credit regulator asked the National Consumer Tribunal to impose a fine on the clothing retailer for charging consumers a "club fee" on credit agreements.
The retailer was found to have breached credit rules and has been referred to an oversight body, the country's credit regulator said on Thursday.
"The National Credit Regulator (NCR) has announced that it has referred Mr Price Group Limited to the National Consumer Tribunal following an investigation by the NCR which revealed Mr Price has charged consumers a club fee on credit agreements," the regulator said in a statement.
By 1004 GMT shares in the retailer had slipped 1.33 percent to 148 rand.
The regulator has recommended refunds for the consumers affected and wants the consumer tribunal to conduct an audit of Mr Price's loan book.
In 2015 the regulator also referred a case involving furniture retailer Lewis Group to the tribunal for allegedly mis-selling credit insurance.
© Reuters News