47 offences under the Price Control Act and its regulations, the Display of Price Regulations and the Sales Regulations were recorded during 2020 compared to 114 and 244 on 2019 and 2018, respectively. The Department of Economic Planning and Statistics, DEPS, through the Department of Competition and Consumer Affairs, DCCA, in a press releases stated that business compliance to the act has improved for the third year in a row with a 98.8% compliance rate in 2020.
The continuous improvement of self-compliance among businesses is a welcome development that reflects the Department’s enhancements to its enforcement and advocacy efforts in the last few years. It also suggests greater effort on the part of businesses to have effective measures in place to ensure compliance, which improves the level of consumer welfare in the country.
Businesses are reminded that self-compliance with the Price Control Act and its regulations establishes good business reputation and enhances consumer loyalty. This in turn can lead to building more sustainable domestic consumption, which supports a vibrant business climate in the country. Failure to comply with the Price Control Act and its regulations may be met with a compound up to $1,000, with subsequent offences may face a maximum fine of $20,000 and imprisonment of up to 5 years.
For any feedback, inquiry or complaint on the Price Control Act and its regulations, contact DCCA through the consumer hotline at Talian Darussalam 123, the PenggunaBijak mobile app or by email at ‘email@example.com’.
Source: Radio Television Brunei