FCCC and hardware chain signs compliance framework agreement
3 July, 2019, 10:28 pm
VINOD Patel has become the first company to sign a voluntary compliance framework agreement with the Fijian Competition and Consumer Commission (FCCC) that will improve compliance with the FCCC Act 2010.
According to FCCC, the voluntary compliance framework includes training provided to directors, senior management and staff on adherence to the FCCC Act 2010 and on how to deal with consumer issues properly.
In a statement, FCCC chief executive Joel Abraham said there were many cases of various companies breaching the Act as a result of not fully understanding consumer protection requirements.
This voluntary compliance framework will help educate traders and improve compliance.
“A key strategic goal of FCCC is to take a more collaborative approach and move away from the usual regulator’s whip mentality. This means relying less on fines and having more on cooperation to improve compliance levels,” said Mr Abraham.
FCCC had collected $400,000 in fines, but compliance levels were at a mere 55 per cent, which led FCCC to rethink compliance strategies and introduce this new framework.
The voluntary compliance framework is part of regulatory reforms aimed at making the environment for business friendlier and to instill more confidence in the private sector, while also encouraging businesses to take a proactive approach to consumer protection.
The rights of all Fijians matter and businesses must make a firm commitment.
Mr Abraham referred to a story in the Bible about a woman who was caught in the act of adultery.
He said her accusers brought her to Jesus and said she must be stoned to death as per the law but Jesus turned to them and said he who had not sinned cast the first stone, and none of them did.
“This story taught me that mercy is a much better solution and more powerful than punishment. This core principle was the key inspiration I used to write the framework,” said Abraham.
He said the idea was to improve compliance levels and make markets work for all Fijians.