Under the Australian Consumer Reforms, the Trade Practices Act 1974 is being replaced by the Competition and Consumer Act 2010. Businesses must review and update their trade practices compliance procedures and manuals, existing contracts, warranties and guarantees to ensure compliance with the new regime. The Competition and Consumer Act involves a substantial restructure of the Trade Practices Act and includes various new provisions. In reviewing compliance systems, businesses should note the following key areas, which are substantially changed under the Competition and Consumer Act: consumer guarantees; specific types of unfair business practices; sales practices such as unsolicited consumer agreements and lay-by agreements; and product safety [read more].
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