The Consumer Council of Fiji is currently collaborating with a consultant to assess and enhance its legislative framework aimed at protecting consumer rights. Chief Executive Seema Shandil highlighted that the existing laws are outdated and require significant review to address contemporary issues, particularly those related to fraud, scams, and the operations of unlicensed credit institutions that have been reported to cause considerable financial distress among consumers.
Shandil emphasized the importance of revising the framework to implement regulatory measures that will better safeguard financial well-being. This review process aligns with the ongoing efforts initiated by the Ministry of Trade and the Government, which have documented 329 complaints against unlicensed credit providers amounting to $452,614.82 over the past four years. Many of these complaints pertain to unethical practices such as imposing unjustified fees and misrepresenting loan conditions, which exacerbate consumer debt burdens.
Deputy Prime Minister and Minister for Trade, Manoa Kamikamica, has also expressed the Government’s commitment to amending the Reserve Bank of Fiji Act 1983 to ensure that unlicensed credit providers do not exploit citizens. The proposed regulatory changes aim to enhance consumer protection, improve governance among credit institutions, and promote fair competition within the market.
Both the Consumer Council and the Government are dedicated to working together to address these regulatory gaps, with a hopeful outlook towards creating significant improvements in consumer protection and fostering a healthier financial environment for all Fijians. The collaborative initiative between various stakeholders is a positive step in progressing towards a safer economic landscape where consumer rights are prioritized.
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