Consumer Protection From Unfair Trading Practices

The Consumer Protection from Unfair Trading Practices Regulations came into operation in October 2019. They apply to a wide range of sectors and business, including Trust Service Providers (TSPs). The premise of these regulations is to protect consumers from unfair trading. Taking these regulations into account, a business caught by the legislation should demonstrate how they ensure consumers are protected. 

The regulations prohibit unfair commercial practices. A practice is considered unfair if it contravenes the requirements of professional diligence or it materially distorts the economic behaviour of the average consumer with regard to the product. The regulations also prohibit the promotion of any unfair commercial practice in a code of conduct. A business should reflect these requirements in order to demonstrate that it adheres to the Consumer Protection legislation.