The Cabinet of Ministers has approved a new consolidated bill to guide the work of the Fair Trading Commission (FTC).
Speaking to the press last Friday, the CEO of FTC, Francis Lebon, gave more details on the additional powers the new bill will provide to ensure the protection of consumers and deal with fair competition matters.
Some of the major changes are as follows:
• Creation of a Tribunal -under the purview of the Judiciary – to adjudicate all consumer and competition matters
• FTC will only have investigative powers
• The current penalties will be higher
• FTC will be allowed to give fixed penalties/fines
• Introduce a corporate immunity provision which is an effective tool to fight cartels
• Exclusion of financial consumer protection from the bill
• Remitting the final decision on mergers in the financial sector to Central Bank and other regulatory financial bodies
Mr. Lebon explained that the consolidated bill is ‘tailor made and recognizes the particular circumstances of Seychelles.’
“The new bill reflects Government’s commitment to see the desired results for consumers and businesses.”
He said the aim of the new bill is for FTC to be more efficient and put in place provisions that will send a clear message to those who are either taking advantage of consumers, or breaking the fair competition rules, that they will be dealt with.
The consolidated bill will mean, the repealing of the current Fair Trading Commission Act, the Fair Competition Act and the Consumer Protection Act.
The Fair Trading Bill will be presented to the National Assembly for approval.
The Fair Trading Commission falls under the purview of the Ministry of Finance, Economic Planning and Trade.
Source: Ministry of Finance, Trade and Blue Economy
