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‘Transparency key in new CFTC Act’

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HELEMA—The Act is old

Consumers Association of Malawi (Cama) has emphasised the need for enactment of laws that will demand transparency from companies and make consumers aware of their rights and responsibilities in the CFTC Act.

This follows revelations that the Competition and Fair Trading Commission (CFTC) is scouting for a consultant to draft an amendment bill on some of its operations.

The commission announced earlier last year that it was working on amending the Act, describing its current form as old and not in line with current trends of trade fairness and consumer protection.

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In an interview, Executive Director John Kapito lauded the move by CFTC saying consumers need utmost protection from such bodies.

“Paying hefty penalties on its own is not addressing the problem because, if companies continue to do wrong and pay penalties, then the problem will not end. Therefore, we need laws that will put the malpractices to an end,” Kapito said.

CFTC Public Relations Officer Innocent Helema highlighted that key areas that need amending are the mandate of the commission, alignment of the CFTC Act to the Consumer Protection Act and international best practices and revision of filing fees, fines and penalties, among others.

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“These amendments will bring greater levels of enforcement, harmonise legal framework in competition, consumer protection and greater levels of compliance,” Helema said.

CFTC is a government entity established by an Act of Parliament in 1978 to promote fairness in trading and foster consumer protection among others.

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