Australian Competition and Consumer Commission (ACCC) chairman Rod Sims has reiterated the benefits to consumers and business of the Australian Consumer Law (ACL) as the first anniversary of the new law passes. But he has urged business to redouble its efforts in meeting its obligations under the new law.
Mr Sims, addressing in-house counsel representing the top 200 ASX-listed companies in Sydney, said the ACL marked a major advance in building a modern Australian economy.
“The ACL is a substantial advance on the fragmented statutory consumer law that we had. It takes Australia from the middle ranks to near the top in international standing."
“It provides clear safeguards for consumers, greater consistency and efficiency for business, and effective enforcement means for the ACCC and State and Territory fair trading agencies.”
Mr Sims praised the vast majority of Australian businesses, which he said recognised their obligations under the ACL.
“For the vast majority of Australian businesses, full legal compliance is an everyday occurrence.”
But, Mr Sims said, the ACCC still sees too many cases of businesses engaging in misleading or deceptive conduct, including false or misleading claims in advertising or marketing.
The ACCC has issued 69 infringement notices to businesses, since they were provided for in the ACL, to a total value of more than $450,000. Many of them were for false or misleading representations. The Federal Court has awarded more than $11.2 million in penalties, with the high-profile cases being for false or misleading representations in advertising or marketing.
“Too many businesses still have a long way to go before they meet legal and public expectations regarding accuracy and honesty in dealing with consumers.” Mr Sims said.
“The ACCC remains vigilant over misleading and deceptive conduct.”