Mr Yong also spoke about the need to strengthen protection for consumers against purchases that require large prepayments.“Deteriorating economic conditions in the last two years have adversely affected businesses. In some cases, businesses were unable to continue operations and were forced to wind up due to cashflow issues.” said Mr Yong.
“Under such circumstances, it is difficult for consumers to recover any prepayments or deposits paid to businesses, especially for big-ticket purchases.”, he added that Case is working with industry partners to extend prepayment protection to businesses accredited under the CaseTrust Storefront scheme - a mark of fair business practices by a retailer, as ascertained by the consumer watchdog.
“For sectors where purchases tend to be more substantial, we are reaching out to them to encourage the adoption of prepayment protection,” said Mr Yong. “We will share details next year when the plans are firmed up.” At the lunch, it was also announced that more than $120,000 was raised for the Case Endowment Fund, which would go towards Case’s continued consumer education and outreach efforts.
[CASE Partners’ Appreciation Lunch 2022] Happy to recognise the strong support of our partners towards the consumer...
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