Absolutely agreed - the Consumer Protection Act is going to significantly challenge many businesses who play any part in the supply chain... I had an interesting meeting with the DTI yesterday with regards the Consumer Protection Act, their perspective was very interesting...
1. They are primarily going to be educating consumers - with little (apparent) interest and no (obvious) strategy on how to make companies aware of what their roles and responsibilities will be;
2. They are also "awaiting the changes" - in other words they are not all that proactive but are more focused on how they, as a department, need to change into the Consumer commission - representing consumers, than on how this will really affect business. Yet they are very clear on the timelines - April 2010 for the establishment of the Commission and (expected) publication of Regulations & Oct 2010 for full implementation of the Act...
3. The implication for business is that we need to prepare ourselves as soon as possible - a business could be involved in something right now (production/ manufacture/ procurement/ contracting) that could be subject to the Act once it comes into effect...
Where the New Companies Act fits in, and I believe that it is no less significant (but on another level), is where is places the responsibility and potential exposure - firmly on the shoulders on directors and officers in companies (anyone with significant general management, financial management, legal advisory and operation management)... and this would include members of close corporations, especially larger close corporation (that will effectively be treated like companies in many senses...
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