Ausaid Funded Project

 

RConsumer Financial Protection & Building Credit Competency for Vulnerable Groups

 The Council, with assistance from Australian Aid Program (AUSAID), has embarked on empowering consumers in Fiji with increased credit knowledge to enhance their ability to make informed choices while accessing credits and to manage their debt responsibly. Early this year, the Council signed an agreement with AUSAID for AUD150, 000 (approx F$273,930) for its project “Consumer Financial Protection & Building Credit Competency for Vulnerable Groups”

The overall objective of this AUSAID funded project is to empower consumers with knowledge on credit such as hire purchase, loans and mortgage and with that of other complex financial products and services so that consumers are able to make informed choices while accessing these products on credits.

Under this project, the Council will work on analyzing the Consumer Credit Act 1999 and Regulations 2009 and translating it into simple (including vernacular) language which is readily understood by consumers at the grassroots level. Council also plans to run “Read Before you Sign” campaign to raise awareness of consumers’ financial obligation when signing a contract.

The Council will target consumers in both urban and rural areas however particular attention will be given to those in villages, squatter settlements and outer island communities. There will also be workshops and seminars designed for specific target groups such as women who manage their household income.

The first phase of the project, which includes reviewing the Consumer Credit Act 1999 and Regulations 2009 and developing resource materials on this in simple language-, is being undertaken.Council expects to start its massive awareness campaign on credit competency in few months time.

Related Press Articles:

a) Council embarks on increasing financial protection and building credit competency for vulnerable consumers. (5/4/2011)

b) Council to critically examine hire purchase market in Fiji. (11/4/2011)

c) Financial Literacy in the spotlight at the Arya Convention. (9/6/2011)

d) Council kickstarts awareness on increasing financial protection for vulnerable consumers (30/6/2011)

e) Consumer Council of Fiji to consult Hire Purchase providers. (29/8/2011)

f) Council launches Debt Management & Consumer Credit Advisory Services. (12/9/2011)

g) Lack of Transparency in Mortgagee Sale. (20/9/2011)

h) Consumer Education workshop in the West. (12/10/2011)

i) Real Estate law changes will bring fairness to Mortagagee sales. (25/10/2011)

j) Read Before You Sign (20/12/2011)