Up Bank controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
Tribunal declares Up Money a pyramid scheme and fines it
Ruling
The National Consumer Tribunal declared Up Money a pyramid scheme and fined it R1 million for contravening the Consumer Protection Act. The article says the ruling was issued on Monday.
Source excerpt
The NCR found that Up Money contravened section 43 (2) of the CPA that prohibits anyone from directly or indirectly promoting or knowingly joining, entering or participating in a pyramid scheme, which is described as an arrangement, agreement, practice or scheme where participants receive compensation derived primarily from their recruitment of other people to participate, rather than the sale of any goods or services.
Controversial WhatsApp gifting scheme Up Money has been fined R1 million for contravening the Consumer Protection Act (CPA) and declared a pyramid scheme by the National Consumer Tribunal (NCR) on Monday.