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Business Practices Committee Report 77

Financial Research Foundation (Pty) Ltd

Notice 1820 of 2000

 

 

Department of Trade and Industry

 

Consumer Affairs (Unfair Business Practices) Act, 1988

 

I, Alexander Erwin, Minister of Trade and Industry, after having considered a report by the Consumer Affairs Committee in relation to an investigation of which notice was given in Notice 597 of 1999 published in Government Gazette No. 19987 of 23 April 1999, which report was published in Notice 1819 in Government Gazette No. 21163 of 12 May 2000, and being of the opinion that a harmful business practice exists which is not justified in the public interest, do hereby exercise my powers in terms of section 12(1)(b) and (c) of the Consumer Affairs (Unfair Business Practices), Act, 1988 (Act No. 71 of 1988), as set out in the Schedule.

 

 

A Erwin

Minister of Trade and Industry

 

Schedule

 

In this notice, unless the context indicates otherwise--

 

"harmful business practice" means the business practice whereby the parties, directly or indirectly--

 

i) provide any service in return for money or any other valuable consideration for the express or implied purpose of investigating fees, charges, and/or interest charged on any debtor’s account(s), including accounts held at financial institutions,

 

ii) invite any persons to buy any programme, including any computer software programme, in return for money or any other valuable consideration, for the express or implied purpose to use the programme to calculate fees, charges, and/or interest charged on any account(s), including accounts held at financial institutions, and

 

iii) obtain any interest in or deriving any income from a business or type of business applying the harmful business practice.

 

"the parties" mean Financial Research Foundation (Pty) Ltd, Financial Research Corporation (Pty) Ltd, AL Friedman, FJL Friedman, LP Friedman, Michelle Friedman and Fritz Friedman.

 

1) The harmful business practice is hereby declared unlawful in respect of the parties.

 

2) The parties are hereby directed to--
a) refrain from applying the harmful business practice;
b) cease to have any interest in a business or type of business which applies the harmful business practice or to derive any income there from; and
c) refrain from at any time applying the harmful business practice.

 

3) This notice shall come into operation upon the date of publication hereof.