A total of 9,3 million South Africans out of 19 million with credit records are now three or more months in arrears on at least one debt. That’s about half the credit-worthy population behind on their bills, which is blamed in part of reckless lending by the banks.

The Reserve Bank has sweepingly wide powers when it comes to determining when a bank is - or is not - a bank. The case of U Care versus the Registrar of Banks was an opportunity to test the constitutionality of these powers, but the opportunity was squandered, writes Sageer Pansari, a candidate attorney with Schoeman Attorneys, Conveyancers and Notaries Public.