CHAPTER 5 - Consumer Protection Flashcards
Why do consumers need protection?
to maximise profit some organisations result in them resorting to dubious tactics to increase
sales and revenue.
huge number of suppliers and retailers operating in the UK and this gives the opportunity for unscrupulous traders to set up in business. Poor quality goods, substandard services and misleading information are among the practices that the UK government seeks
to discourage.
Consumer protection legislation - Consumer Rights Act 2015
major piece of law covering the purchase of goods, services and digital content.
Every time a consumer buys a product or a service, they make a ‘contract’ with the retailer. The Consumer Rights Act regulates this contract stating that all goods
must be of satisfactory quality, fit for the purpose for which they were bought and must correspond with any description given.
If a consumer buys a product that isn’t satisfactory or doesn’t match the description etc., they are entitled to return the goods to the retailer and ask for a refund
Consumer Credit Acts 1974 and 2006
controls the way that businesses lending money operate. laws require the creditor (lender) to give certain key information to the debtor (borrower) before the contract is made including the interest rate, how much the repayments will be and the cancellation rights of the debtor.
