Content area
Full Text
Note: The Consumer Protection (Fair Trading) Act (CPFTA) came into force on March 1 2004 to provide victims of unfair practices civil remedies in Singapore courts
The Consumer Protection (Fair Trading) Act (CPFTA) came into force on March 1 2004 to provide victims of unfair practices civil remedies in Singapore courts. Recently, a bill amending the CPFTA was passed and is applicable to "financial products," including "any arrangement, transaction or contract regulated, or supplied by any person regulated, under the Monetary Authority of Singapore" and "financial services" including "any services regulated, or supplied by any person regulated, under the Monetary Authority of Singapore" Since insurance is regulated by the Monetary Authority of Singapore (MAS), the CPFTA applies.
Industries targeted by the amendments are financial services providers, time-share contracts, and beauty services and products.
Sections 4 (read with its Second Schedule) and 5 of the CPFTA (not amended by the bill) define "unfair practices". Compared to similar UK legislation, the CPFTA provides an exhaustive list of practices,...