Minister Withdraws NCA Amendment Regulations

The Minister of Trade, Industry and Competition has officially withdrawn the draft regulations that proposed listing educational institutions as credit providers under the National Credit Act (NCA). This decision comes after significant pushback from the banking sector and educational bodies, who argued that such a classification would severely hamper student access to finance.

The withdrawal notice was published in the Government Gazette, effectively nullifying the previous proposal. Industry experts have welcomed the move, stating that it allows for a more nuanced approach to student debt that doesn't inadvertently cut off funding avenues for those seeking higher education.

Moving forward, the Department has indicated it will engage in further consultations to find a balanced regulatory framework that protects consumers without stifling the education sector.

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**Related:** - Read the full National Credit Act - Find a registered debt counsellor - Frequently asked questions about the NCA