|
The Fair Trading Act 1986 is based on the premise that goods and services must
be traded on their true merits and customers are entitled to be properly informed.
The Act applies to individuals and companies involved in any trade, business,
industry or profession relating to the supply or acquisition of goods or services
or the sale or purchase of any interest in land.
The Act applies to conduct which is accidental or unintentional as well as deliberate.
The potential penalties are serious. The maximum penalty for companies is a $200,000
fine and for individuals a fine of $60,000. Companies and individuals who breach
the Act may also be liable in damages for the full amount of any loss suffered by
any other person and they may also be subject to Court orders such as injunctions
or orders for corrective advertising.
Actions for breaches of the Act may be brought by the Commerce Commission, a consumer,
other traders or any other person who has suffered loss.
A good understanding of fair trading principles is needed to ensure you do not
expose your organisation to financial and reputation risk. Furthermore, businesses
need to ensure they do not engage in any activity which may amount to an unfair
practice.
Lessons
Lesson 1 > Introduction to the Fair Trading Act 1986
Lesson 2 > Misleading and Deceptive Conduct
Lesson 3 > False or Misleading Representations
Lesson 4 > General Information on the Fair Trading Act
Lesson 5 > Unfair Practices
|
