Interest on deposits paid

[sterne.law@gmail.com]

The consumer protection act has no specific reference to interest.
However, section 65(2)(a) reads: not to treat the property as being the property of the supplier

Im inclined to read this to to say I can not be investing on my own behalf, because it is not something that belongs to me.
section 65(2)(b) also talks about exercising due care, diligence and skill expected of a person responsible for managing any property belonging to another
Again skill could be read to refer to investing and managing property is quite specific.

Im also inclined to feel that if a contract had a term saying that the holder of the deposit gets the interest, that such a clause could be ruled unfair.

[DeonT]

The consumer protection act has no specific reference to interest.
However, section 65(2)(a) reads: not to treat the property as being the property of the supplier

Im inclined to read this to to say I can not be investing on my own behalf, because it is not something that belongs to me.
section 65(2)(b) also talks about exercising due care, diligence and skill expected of a person responsible for managing any property belonging to another
Again skill could be read to refer to investing and managing property is quite specific.

Im also inclined to feel that if a contract had a term saying that the holder of the deposit gets the interest, that such a clause could be ruled unfair.

Agreed. I am not convinced that the Consumer Protection Act goes so far as to require the school to put the parent's deposit in an interest-bearing account. Reading the wording of the Act, it seems that the aim was to ensure that the deposits are held separate from the supplier's money. If you compare it to the Estate Agency AffairsAct and the Attorneys Act, those Acts had specific provisions requiring monies to be deposited in interest-bearing accounts. The CPA doesn't.