By YOURI KEMP

Tribune Business Reporter

ykemp@tribunemedia.net

The Prime Minister yesterday said strengthened consumer protection laws are a key component in the Government’s plan to “reimagine the Bahamian economy”.

Philip Davis KC, leading off the House of Assembly debate on the Consumer Protection Bill, said the legislation - which will repeal and replace the existing Act that has been in effect since 2006 - shows the Government is committed to “economic security” for the most vulnerable elements in Bahamian society.

Describing the Bill as “part of a larger plan to reimagine the Bahamian economy”, the Prime Minister: “We must take action to break cycles of generational poverty and hardship in our communities. I also understand that the way things are set up, not everyone has the opportunity to succeed despite their best efforts. Creating a fairer economy means helping those who want to help themselves to succeed.”

The “fairer economy” ambition, Mr Davis said, requires “protecting Bahamians from unfair and dishonest business practices” while also reducing the cost of living and promoting a more competitive business environment. The new Bill, he added, would bring The Bahamas closer to realising this vision.

“The current Consumer Protection Act has served as a foundation to ensure fairness in our local business environment for many years. However, it became clear that there was a need to update the law,” Mr Davis added.

“With this proposed Bill, we are making those needed amendments to the law to drive healthy competition, protect Bahamian consumers and promote customer satisfaction. Trust is the key to a healthy business environment. In putting these protections in place, we are reassuring the Bahamian people that they can trust that the law will have their back when they encounter unfair and dishonest business practices.”

He added: “One of the most powerful new mechanisms that Bahamian consumers will have access to under this Bill is the expansion of the ways that they can lodge complaints. If you encounter unfair business activities, you can file a complaint from anywhere, even if you are not in the country your geographic location will no longer be a barrier to receiving justice.

“In this Bill, we are protecting minors and those who are too ill to make decisions for themselves, as well as people living with disabilities, because these populations also deserve to be protected. In cases where a person is unable to give testimony in-person, they will now be able to deliver that testimony virtually instead, once again expanding access to justice for those who are wronged.”

Under the new Bill’s provisions, all businesses must be licensed and registered in accordance with the law or they will incur penalties and other sanctions.

“Those who seek to mislead or deceive consumers will be held accountable for their actions. And those who seek to bully, harass or coerce consumers into making purchases will also be held accountable for their actions,” Mr Davis said.

The Bill will also impose restrictions on pyramid schemes plus provisions to hold their promoters accountable. There will also be public education campaigns around consumer rights in general.

“Those who seek to mislead or deceive consumers will be held accountable for their actions,” Mr Davis said. “And those who seek to bully, harass or coerce consumers into making purchases will also be held accountable for their actions.

“Unfortunately, this is necessary because there are people out there who prey on the vulnerable in our society. They search for those they consider easy targets and develop a skill-set around deception, aggression and criminality. These unfair practices must be, and will be, penalised.

“The Consumer Protection Bill (2023) will enhance the protections available to those who fall victim to these tactics and ensure that we can effectively identify and hold these predatory goods and service providers accountable,” the Prime Minister continued.

“This includes the restriction of pyramid schemes. So, those who are prone to promoting these get-rich-quick pyramid schemes in The Bahamas to take advantage of people’s desire for success and financial stability, know that you will be held accountable and liable for the damage you cause to people’s lives......

“Just a few years back, there was a very popular trend being marketed to the Bahamian people – they called it a Loom. Those who launched businesses promoting Loom services essentially relied on a pyramid structure with no real product or service for sale. It relied on the money coming in from members to pay the members who started the Loom. Many people fell victim to this trend with hopes of making a rewarding return on their investments.

“This Bill now protects those who are targeted by similar pyramid schemes and holds the ones who target consumers with these schemes accountable.”

Mr Davis added: “There are also specific obligations imposed on providers that the business community and the general public should be aware of. There is the obligation to honour the terms of a warranty. There is an obligation to inform consumers when goods have been reconditioned, rebuilt or remade, and there is the obligation for the price of a good to be disclosed, among other obligations.

“This bill, at its heart, is about fairness. The Bahamian entrepreneur who is starting a new business will now know that they are playing according to the same rules as larger businesses when it comes to providing quality goods and services at fair prices according to reasonable standards. And when Bahamian families purchase local goods and services, they will know that there is a recourse for them should they need it.

“There are also specific obligations imposed on providers that the business community and the general public should be aware of. There is the obligation to honour the terms of a warranty. There is an obligation to inform consumers when goods have been reconditioned, rebuilt, or remade, and there is the obligation for the price of a good to be disclosed, among other obligations.”