The management of the Fair Trading Commission (FTC) wants changes made to the legislation, under which it is governed and have additional power to prosecute businesses which act in contravention of the law.
As a statutory body, the role of the FTC includes providing businesses and consumers with general information outlining their rights and obligations under the Fair Competition Act.
However, David Miller, Executive Director of the FTC, says the Act does not give the FTC much teeth to effectively ensure that businesses conform to fair practices.
“We do not have the power to levy fines which most jurisdictions have and that’s a critical point and t hat is what is used as a deterrent to anti-competitive behaviour, in our system we might find a rule on something but the real teeth is that the court decides. Our legislation and framework needs to be improved in order for us to reach to that stage.”
He said despite their current powers, the FTC over the last two decades, the FTC has achieved its core mandate of encouraging competition
“Consumers are much better off on the telecommunications landscape now than they were ten to fifteen years ago with the range of products available and services that are available through the competition that takes place….”
Representatives of the FTC were guests at this week's RJR Group News Forum
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