Latest news with #consumer protection
ABC News
5 hours ago
- Business
- ABC News
Mildura real estate agency avoids fine after rental advertised without fixed price
A Mildura real estate company accused by Victoria's consumer protection watchdog of rental bidding has escaped without a conviction or hefty fine. On Tuesday, the real estate agency pleaded guilty in the Mildura Magistrates' Court to advertising a property for rent without a fixed price. Consumer Affairs Victoria fined PRD Mildura $11,855, but the company chose to contest it in court and the fine was dropped. The maximum penalty for a corporation in Victoria is $61,053. The Victorian government brought the law into effect in 2021 to stop real estate agents from creating a bidding war between prospective tenants amid the state's housing crisis. The court heard PRD Nationwide Mildura director and company secretary, Simone Fleshig, had organised for a Red Cliffs property to be listed online through a third-party tenancy management software tool. But a tenancy plan with the tenant renting the property meant the lease would begin at the initial price of $550 before being increased to $580 after the tenancy began. The court heard the software listed no fixed price for the rental listing and instead prompted the prospective tenant to contact the agency. The court heard it also listed the increased price in the body. Consumer Affairs Victoria investigated the listing. The court heard Ms Fleshig became aware on a Friday afternoon when someone contacted her about renting the property and told her about the "price on application" listing. The court was told Ms Fleshig apologised to the potential renter and sent her the correct listing price of $550. PRD Mildura's lawyer Tyler Wolff told the court there were two boxes to tick while uploading a rental listing, and the price on application function overrode Ms Fleshig's selection. "It's a huge fine," Magistrate Patrick Southey said of the fine imposed by Consumer Affairs Victoria. "It is," Mr Wolff replied. Mr Wolff told the court Ms Fleshig corrected the mistake two days later when she returned to the office, had lodged a support ticket with the software tool's developer, and implemented a two-step procedure at PRD Mildura to prevent it from happening again. Since Victoria's rental taskforce began investigating rental bidding in 2021, its officers have fined more than 40 agencies for not using fixed prices in their listings. Information from Consumer Affairs Victoria showed PRD Mildura was one of five real estate agencies to be taken to court this month by the state watchdog over contravening rental bidding laws. It said the agencies were issued with infringements but chose not to pay their fines and instead have their matters heard at court. Consumer Affairs Victoria lawyer Temple Saville told the court it wanted the court to hand down a fine to the real estate company for the breach. The court was told the fine was issued by Consumer Affairs Victoria two days after Ms Fleshig corrected the listing. The court heard Ms Fleshig chose to contest the fine in court after seeking a review of the investigation and fine by Consumer Affairs Victoria, but the state watchdog chose to bring the matter to court. Magistrate Southey said PRD Mildura's offending was the result of an "honest" mistake that was fixed quickly. "The behaviour the government is trying to fix is not evident here," he Southey said. PRD Mildura received a 12-month good behaviour bond without conviction.
Arab News
20-07-2025
- Business
- Arab News
New credit card rules redefine consumer protection in Saudi Arabia
To strengthen consumer protection and enhance market transparency, the Saudi Central Bank, known as SAMA, last month announced updated regulations on the issuance, operation, and fees of credit cards. SAMA's updated credit card regulations will replace the previous rules established in 2015 governing the issuance, operation, and charges of credit cards. The new regulations will take effect within 30 to 90 days. For example, updates to fees and charges will be implemented within 30 days, while standardized disclosure sections — detailing all applicable fees, costs, and benefits — will be incorporated into credit card agreements within 90 days. The updated rules establish guidelines for credit card issuers to enhance disclosure, improve transparency, and reduce the cost of credit cards for consumers. The rules also include detailed provisions governing the operational aspects of credit cards to increase consumers' financial awareness and foster a regulatory environment that promotes innovation in the financial sector. In addition, SAMA has collaborated with international card schemes to review and revise the fees and charges for credit card transactions, as part of its broader strategy to enhance digital payments for consumers and visitors to the Kingdom, in line with the objectives of Vision 2030. As part of the key updates to fees and charges, cash withdrawals below SR2,500 will incur a fee capped at 3 percent of the transaction amount, while withdrawals of SR2,500 or more will be subject to a maximum fee of SR75. Additionally, international purchases will now incur a fee of 2 percent of the transaction value. Customers are also allowed to deposit funds exceeding their credit limit and may withdraw these excess amounts at any time without incurring additional charges. With respect to repayments, customers may pay off their full outstanding balance without being subject to late payment fees, provided payment is made within a mandatory grace period of at least 25 days. In addition to enhancing transparency and disclosure, the new regulatory provisions are expected to encourage consumers to hold more credit cards, driven by improved fee structures and reduced charges. SAMA's efforts, in collaboration with international card schemes, to revise transaction fees are expected to encourage broader credit card acceptance among merchants in Saudi Arabia. This will offer consumers greater payment flexibility alongside MADA cards, particularly as credit card usage at POS terminals and for local online purchases remains free of charge. This will not only provide credit card holders with additional payment options but also help merchants boost their sales and revenues. Importantly, the updated credit card regulations are expected to bolster the tourism sector in the Kingdom by facilitating credit card payments for foreign tourists, thereby enhancing overall tourism-generated income. It will also support SAMA's strategy to enhance digital payments for consumers and visitors to the Kingdom. Finally, the regulatory updates will contribute to the Kingdom's transition toward a cashless society and digital economy, in line with the strategic goals of Vision 2030. They also guide credit card issuers and banks, and reflect how this reform aligns with Saudi Arabia's broader strategy to create a more robust, cashless, and consumer-centric financial environment. • Talat Zaki Hafiz is an economist and financial analyst. X: @TalatHafiz
Malay Mail
17-07-2025
- Business
- Malay Mail
E-commerce law overhaul coming in 2026, Malaysia to regulate platform fees, foreign sellers
PUTRAJAYA, July 17 — A bill to strengthen the legal framework for e-commerce is expected to be tabled in Parliament during its first session next year, said Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali. He said the ongoing review of e-commerce legislation commenced in April 2024 and is expected to conclude by August, involving engagement with stakeholders across the industry, among others. 'The review is necessary as the current legal framework lacks clear regulatory powers over electronic transactions, with the existing Electronic Commerce Act serving mainly as an enabling act. 'Enforcement currently depends on the Consumer Protection Act and related regulations, which were meant to be temporary. We need a comprehensive and fair framework accepted by all stakeholders to support e-commerce growth,' he told reporters after an engagement session today. Armizan said Malaysia's e-commerce sector recorded steady growth, with revenue rising from RM1.13 trillion in 2022 to RM1.22 trillion last year. He emphasised that new regulations must not hinder the sector's development, noting that once a mechanism is in place for local platforms, a similar approach will be considered for foreign-based operators. He added that, at present, the ministry has no authority to regulate or monitor foreign platforms without a physical presence in Malaysia, raising concerns over the influx of foreign products and tax inequality. Armizan also said that discussions are underway with countries such as China and Turkiye on a government-to-government (G2G) mechanism, particularly on regulating cross-border e-commerce and direct selling. Meanwhile, Armizan said consumer protection is a key focus in the ongoing review of the e-commerce legal framework, particularly on the use of automated decision-making (ADM) systems or algorithms that may contain manipulative elements. He said the ministry is also looking into growing concerns over recent increases in platform fees imposed by several e-commerce operators, noting that such fee hikes are business decisions made by the platforms themselves. 'In my view, the timing of their fee adjustments is not appropriate, especially since some had already revised their commission fees as recently as August last year,' he said. He added that while blocking such decisions entirely may not be realistic, the ministry is exploring a mechanism requiring platforms to consult with them or relevant agencies before making fee changes that affect users or sellers. To date, the review process has involved 23 engagement sessions, six roundtable discussions, four benchmarking visits abroad and over 300 respondents, with sessions in Sabah and Sarawak to follow. — Bernama
The Independent
17-07-2025
- Business
- The Independent
Easyjet boss slams ‘unworkable and mad' EU proposals to change cabin baggage rules
European Union proposals to allow all airline passengers to take two pieces of cabin baggage are 'unworkable and mad', according to the chief executive of easyJet. The European Parliament have voted in favour of the plan, saying increasing the amount of cabin baggage 'would enhance transparency and consumer protection for all air travellers'. But Kenton Jarvis, CEO of Britain's biggest budget airline, told The Independent: 'It's a bizarre initiative from someone who clearly doesn't fly very much – because there isn't room for two bags in the aircraft. 'It's unworkable and mad.' After easyJet started charging for cabin baggage in 2008, for a few years the airline allowed a small backpack and a trolley bag without charge. Mr Jarvis said of that era: 'The biggest single cause of disruption for the customer when two bags were offered by easyJet was taking bags off people at the gate, which is never pleasant. 'We saw a 95 per cent drop from that when we introduced charging for large cabin bags.' On a typical flight from Gatwick to Malaga, the charge for a large piece of hand luggage is £27. Since the European proposals emerged, the airlines' trade association Airlines for Europe has established a minimum size for the single free piece of cabin baggage, leading Ryanair to increase its allowance by 20 per cent. But Mr Jarvis said: 'We have one of the largest free cabin bag allowances at easyJet. It's 45 by 36 by 20 [cm], and because of that, up to 40 per cent of our customers travel with that free allowance. They do not choose to allocate their seating, and therefore are happy to fly on the original advertised fare.' 'If you force a second bag into the cabin, you remove choice. You'll essentially put the price up. And it's completely unworkable because there isn't enough room.' Ryanair and Wizz Air have smaller limits for their free cabin bag, with a maximum volume of 24 litres; easyJet's is one-third larger, at 32 litres.
South China Morning Post
09-07-2025
- Business
- South China Morning Post
Hong Kong tech and telecoms giants unite to combat online fraud
Hong Kong's major social media, messaging platform providers and telecoms firms have pledged to strengthen checks on advertisers' identities and remove fraudulent advertisements embedded with phishing links. Seven social media or messaging platforms and six telecommunications companies have joined the Hong Kong Monetary Authority's (HKMA) Anti-scam Consumer Protection Charter 3.0. The initiative commits them to proactively detecting fraud on their platforms and networks, as well as cooperating with the HKMA and other financial regulators. 'To combat these evolving threats, it is crucial to collaborate with technology and telecommunications partners to tackle the problem at the platform level,' Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority, said at the charter's launch ceremony on Wednesday. The seven participants from the technology sector were Douyin, Google, Meta, Microsoft, WeChat, Weibo and RedNote, while the six from the telecommunications industry were China Mobile Hong Kong, China Unicom (Hong Kong) Operations, HGC Global Communications, HKT, Hutchison Telecommunications and SmarTone Mobile Communications. The participants pledged to adhere to six principles to combat fraud on their platforms.
