The Association of Independent Financial Advisers (AIFA) was a prominent professional association representing the interests of independent financial advisories across the UK. Its mission was to ensure that consumers receive independent and high-quality financial advice.
Bait and Switch Advertising is a method of consumer deception that involves advertising a product in an attractive way to lure customers in, followed by disparagement of the advertised product to cause the customer to switch to a more expensive product.
Bait and Switch Pricing is an illegal practice where retailers lure customers with unusually low prices for items, only to switch them to higher-priced items by claiming the advertised ones are unavailable or inferior.
A breach of warranty occurs when there is an infraction of an express or implied agreement concerning the title, quality, content, or condition of a thing sold. It can result in legal ramifications for the seller if the warranty given does not hold true.
A warning, often written to a potential buyer, advising them to be cautious; it is commonly used to minimize liability for potentially deceptive trade practices by a seller or broker.
Caveat Emptor, a Latin term meaning 'Let the Buyer Beware,' is a doctrine of law indicating that the buyer assumes the risk in a transaction. Although traditionally buyers were solely responsible for due diligence, modern legal frameworks have incorporated requirements for sellers to disclose known defects.
The Competition and Markets Authority is a UK government body responsible for protecting consumer interests, and ensuring businesses compete fairly, while promoting thriving economic markets.
A landmark federal legislation establishing rules of disclosure that lenders must observe in dealings with borrowers, ensuring transparent consumer lending practices.
Laws designed to aid retail consumers of goods and services that have been improperly manufactured, delivered, performed, handled, or described. Such laws provide the retail consumer with additional protection and remedies not generally provided to merchants and others who engage in business transactions.
Counterfeit refers to items or documents that are forged, imitated, or fabricated without authorization, usually with the intent to deceive and pass the imitation off as genuine.
Legislation designed to curb fees, interest rate increases, and other abusive practices by credit card companies. The legislation went into effect fully in February 2010.
Deceptive advertising refers to marketing practices that make false claims or misleading statements, creating a false impression about products or services.
Deceptive packaging refers to packaging that creates a misleading impression about the quantity or quality of the product it contains.
Defective refers to something that is incomplete or faulty. In legal and consumer contexts, it signifies that an item is not reasonably safe for a use that can be reasonably anticipated.
US legislation that provided for comprehensive changes to the framework of financial regulation in the US following the crisis of 2007--08. Named after its sponsors, Senator Chris Dodd and Representative Barney Frank, the act introduced new capital requirements and risk limits for banks and created new government agencies to oversee consumer protection and the regulation of financial institutions and credit-rating agencies.
Fair competition refers to business practices that adhere to regulations and ethical standards, ensuring a level playing field for all market participants.
The Fair Credit Billing Act (FCBA) is a federal law designed to facilitate the handling of credit complaints and eliminate abusive credit billing practices. It applies to open-end credit accounts, such as credit cards and revolving charge accounts.
False advertising involves describing goods, services, or real property in a misleading fashion. It is considered illegal and unethical, often subject to regulatory scrutiny and legal penalties.
The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 via the Federal Trade Commission Act. Its main functions are to promote consumer protection and eliminate and prevent anticompetitive business practices such as coercive monopoly.
The Financial Conduct Authority (FCA) is a regulatory body established in April 2013, responsible for overseeing the conduct of financial services firms in the UK. It aims to ensure integrity, protect consumers, and promote competition within financial markets.
The Financial Ombudsman Service (FOS) is a UK body set up to handle complaints about financial services and products, providing a crucial mechanism for consumer protection.
The Good Housekeeping Seal is a prestigious seal of approval awarded to products that meet rigorous standards established by the Good Housekeeping Institute, under the direction of Good Housekeeping Magazine. It is a symbol of quality and consumer trust, used for over 100 years.
An implied warranty is a legal term referring to the assurance that a product or service meets certain standards of quality and functionality, even if this warranty is not explicitly stated in writing. It contrasts with an express warranty, which is explicitly communicated.
A federal law, administered by the U.S. Department of Housing and Urban Development (HUD), which mandates specific disclosures and advertising procedures for the sale of land to purchasers in different states to protect consumers from fraud and abuse.
A 'lemon' refers to a product or investment that performs poorly and fails to meet expectations. This term is commonly used to describe defective cars and underperforming stocks. Lemon laws in several states provide consumers with legal recourse for their underwhelming purchases.
A limited warranty is a type of warranty that imposes certain limitations and is, therefore, not a full warranty. For example, an automaker may issue a warranty that covers parts but not labor for a particular period.
Mail fraud is the use of postal services to carry out fraudulent schemes designed to deceive consumers.
Merchantable goods are products that are suitable for sale and meet reasonable standards for quality and usability.
Economic policies championed by President Barack Obama to achieve economic recovery and effect reforms, calling for increased involvement by the government in the private sector in areas such as health care, banking, automobiles, college education finance, consumer protection, and environmental protection.
The Office of Fair Trading (OFT) was a UK government department established in 1973 to enforce competition law and consumer protection regulations. It was abolished in 2014, and many of its functions were transferred to the Competition and Markets Authority (CMA).
A division of the Department of Housing and Urban Development (HUD) that oversees the sale of building lots or recreational lots across state borders to protect consumers from fraud and provide transparency.
Open dating refers to the clear and understandable indication of an expiration date on a retail-packaged food item that is subject to deterioration. This aids consumers in determining the product's useful life and ensures food safety and quality.
Packaging laws are regulations set to govern the packaging process, materials, safety standards, and labeling requirements to ensure consumer protection and environmental sustainability.
Predatory lending refers to unethical practices by mortgage lenders who exploit borrowers, often resulting in excessive debt, deceptive loans with high rates and fees, and inflated charges for services.
Product liability refers to the legal responsibility of manufacturers, wholesalers, or retailers to ensure that their products are safe for consumers. It arises under the law of torts and holds parties strictly liable for defects that cause injury.
A Real Estate Commission is a state agency responsible for enforcing real estate license laws, regulating the activities of real estate professionals to ensure compliance with the legal standards and protection of consumer interests.
The Real Estate Settlement Procedures Act (RESPA) is a federal law that governs how mortgage lenders must treat applicants for federally-related real estate loans on properties with one to four dwelling units. It aims to provide borrowers with comprehensive knowledge, enabling informed comparison shopping for mortgage money.
The Real Estate Settlement Procedures Act (RESPA) is a federal law that regulates the real estate settlement process to protect consumers from abusive practices and ensure fair and transparent transactions.
A recall is an action taken by a manufacturer to remove a defective product from the market that could potentially cause harm or does not meet regulatory standards. The recall process involves notifying customers and arranging for the return, repair, or replacement of the product. This corrective action can be initiated voluntarily by the manufacturer or mandated by government authorities, particularly when safety concerns are involved.
A coordinated advertising effort by a manufacturer to notify all owners of a particular product that it should be returned to the manufacturer. It can include mass-media advertising as well as direct mailings.
Restraint of trade encompasses illegal practices that interfere with free competition in commercial transactions, which may restrict production, influence prices, or control the market to the detriment of consumers.
A right granted by the federal Consumer Credit Protection Act of 1968 allowing consumers to void a credit contract within three business days with full refund of any downpayment and without penalty.
The 'Seal of Approval' is a certification granted by organizations such as Good Housekeeping Institute or Underwriter's Laboratories. This certification indicates that a product has undergone rigorous testing and has met the specific standards set by the granting organization, assuring consumers of product quality, safety, and reliability.
Slamming is the illegal practice of changing a customer's long distance telephone service provider without the customer's permission.
The Truth in Lending Act (TILA) is a federal law designed to ensure that consumers are provided with accurate and transparent information regarding the cost of credit, allowing them to compare credit offers more effectively. It mandates commercial lenders to disclose the annual interest rate and total interest charges, and provides borrowers a three-day rescission period for certain secured loans.
Unfair competition encompasses acts or practices of businesses that lead to consumer deception, misappropriation of trade symbols, and violations of trade practices laws that ultimately result in the unfair gain of market advantage over competing entities.
A warranty is a guarantee provided by a seller to a buyer that the goods or services purchased will perform as promised. If not, a refund, exchange, or repair will be offered at no charge.
