Financial Services Federation launches new consumer code
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The Financial Services Federation (FSF) is supporting the crackdown on unscrupulous mobile traders with the launch of a new consumer resource.
The Responsible Mobile Shop Code will help arm consumers with valuable knowledge for dealing with a mobile trader, especially as the holiday season approaches.
The code has been developed with consultation from disputes resolution services and the National Building Financial Capability Charitable Trust (which replaced the Federation of Family Budgeting Services).
FSF Executive Director Lyn McMorran said when provided appropriately the mobile shopping sector offers a valuable service to consumers who are house-bound or who have difficulty in getting to the shops for other reasons.
But these consumers need to be treated better by mobile traders and need to know their rights when dealing with one, McMorran said.
“Certain people for one reason or another are extremely inconvenienced or unable to access traditional stores during regular opening hours, or prefer to purchase items from the comfort of their own home.
“Regardless of the ways in which consumers choose to purchase, our main concern is that they continue to have a choice, and if they choose a mobile trader, that trader will act responsibly by demonstrating principles outlined in this Code.”
FSF Executive Director Lyn McMorran
The Code will be officially launched by the current Commerce and Consumer Affairs Minister at an event in Auckland attended by FSF members, budget advisers, and other finance industry stakeholders on October 31.
The Responsible Mobile Shop Code contains:
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FSF to host inaugural finance conference
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The Responsible Mobile Shop Code will help arm consumers with valuable knowledge for dealing with a mobile trader, especially as the holiday season approaches.
The code has been developed with consultation from disputes resolution services and the National Building Financial Capability Charitable Trust (which replaced the Federation of Family Budgeting Services).
FSF Executive Director Lyn McMorran said when provided appropriately the mobile shopping sector offers a valuable service to consumers who are house-bound or who have difficulty in getting to the shops for other reasons.
But these consumers need to be treated better by mobile traders and need to know their rights when dealing with one, McMorran said.
“Certain people for one reason or another are extremely inconvenienced or unable to access traditional stores during regular opening hours, or prefer to purchase items from the comfort of their own home.
“Regardless of the ways in which consumers choose to purchase, our main concern is that they continue to have a choice, and if they choose a mobile trader, that trader will act responsibly by demonstrating principles outlined in this Code.”
FSF Executive Director Lyn McMorran
The Code will be officially launched by the current Commerce and Consumer Affairs Minister at an event in Auckland attended by FSF members, budget advisers, and other finance industry stakeholders on October 31.
The Responsible Mobile Shop Code contains:
- Information about how responsible mobile traders behave, including stopping any demonstration or phone call immediately if asked to, providing a correct contact addresses and telephone number, and being easy to get hold of and return calls.
- It advises that terms of a loan should be written in plain English, with the total amount payable over the term of the loan written on the front of the agreement. Traders should make reasonable enquiries to ensure that borrowers can make payments under the loan agreement without suffering financial hardship, and consider any cases of unforeseen hardship fairly (among other lender responsibilities).
- The Code also addresses traders’ obligations under the Fair Trading Act, such as providing correct instructions and safety warnings for products and ensuring they comply with any legal requirements around warrantees and returns.
Related stories:
FSF to host inaugural finance conference
Non-bank lenders support early robo-advice access
