67 The CIPC, which became fully operational on 1 May 2011, has improved responsiveness which is the primary purpose of the Companies Act. This is done through improved compliance monitoring and dealing with contraventions of financial reporting standards. On this basis, it makes recommendations to the Financial Reporting Standards Council (FRSC). Contraventions of financial reporting standards pose serious threats to the credibility of businesses in the economy. The NCT was established in terms of the National Credit Act, No. 34 of 2005 to ensure equity in the credit market and balance the respective rights and responsibilities of credit providers and consumers. The Tribunal hears cases of non-compliance with the National Credit Act, makes orders and provides redress to consumers. Consumers and credit providers may appeal to the NCT against any decisions of the National Credit Regulator (NCR). Decisions of the Tribunal may be appealed to either a full panel of the Tribunal or High Court. The introduction of the Consumer Protection Act on 1 April 2011 has seen the Tribunal adjudicate on credit-related matters and other concerns in terms of the National Credit Act. Matters involving wider consumer issues have been brought before the Tribunal. Worth noting were the first CPA matters heard during the 4th quarter of 2012. During the reporting period, there was a steady increase of matters brought before the Tribunal and it is expected that this increase will continue into the foreseeable future. It is to be noted that 100% of the CPA cases that the Tribunal is currently tasked with, require adjudication by a panel of three members. This is different from the NCA matters that the Tribunal is tasked with, where the majority of matters can be resolved by a single Tribunal member, sitting alone. Reporting on adjudication by the media has given the Tribunal exposure to the public who have become more aware that they do have recourse to the law. The Tribunal’s recent CPA decisions have contributed significantly to this awareness. Consent order applications relating to more than 7 000 consumer credit agreements, with a combined value of more than R200 million were dealt with by the NCT during the reporting period. The consent orders granted in these applications resulted in consumers being in a position to retain both immovable and movable property whilst servicing their credit agreements in a responsible manner. The broader impact of adjudication has seen precedents being set by various judgements handed down by the NCT on various sections of the NCA and the CPA. The NCT is at the forefront of interpreting the new CPA thereby taking on the responsibility that comes with interpreting new legislation in the absence of precedents. In the 2011/12 period, the NCT received 2 205 case applications versus 1 382 in the 2010/11 period, nearly 100 per cent growth39. The NCC is established in terms the Consumer Protection Act of 2008, as an organ of state within the public administration, and as an institution outside public service with jurisdiction throughout the Republic of South Africa. The NCC is charged with the responsibility to enforce and carry out the functions assigned to it in terms of the Act, which aims to promote a fair, accessible and sustainable marketplace for consumer products and services, and for that purpose establish national norms and standards relating to consumer protection and promote a consistent legislation and enforcement framework relating to consumer transactions. 39 DTI (2012: ‘National Consumer Tribunal Annual Report 2011-2012’, DTI, Pretoria. 67