New law on how to announce a price reduction
The Consumer Rights Act 2022 simplifies and updates consumer protection laws.
The Act introduces new protections, including:
- New rights for digital content contracts
- New rights for services contracts
- A right to agree a price reduction on faulty products or services
- A ‘black list’ of contract terms that are always unfair
- A ban on certain aggressive commercial practices, including fake reviews
- New enforcement powers for the Competition and Consumer Protection Commission (CCPC) to ensure your consumer rights are upheld
For small firms the most important change is the transparency of price reductions. You must now provide specific information when announcing a price reduction, in particular by including the ‘prior price’. For examples on how to do this, please see the Price Reduction Business Guidelines.
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