Sunday, September 14, 2008

Specific Unfair practices

Schedule 2 of the Consumer Protection (Fair Trading Act) lists down 20 specific unfair practices. They are listed here:
http://statutes.agc.gov.sg/non_version/cgi-bin/cgi_legdisp.pl?actno=2003-ACT-27-N&doctitle=CONSUMER%20PROTECTION%20%28FAIR%20TRADING%29%20ACT%202003%0a&date=latest&method=part

Those relevant to financial products are:

7. Representing that a price benefit or advantage exists respecting goods or services where the price benefit or advantage does not exist.

11. Taking advantage of a consumer by including in an agreement terms or conditions that are harsh, oppressive or excessively one-sided so as to be unconscionable.

12. Taking advantage of a consumer by exerting undue pressure or undue influence on the consumer to enter into a transaction involving goods or services.

14. Making a representation that appears in an objective form such as an editorial, documentary or scientific report when the representation is primarily made to sell goods or services, unless the representation states that it is an advertisement or a promotion.

20. Using small print to conceal a material fact from the consumer or to mislead a consumer as to a material fact, in connection with the supply of goods or services.

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