What is the purpose of the Fair Trading Act?

The purpose of the Fair Trading Act is to prevent businesses from misleading customers. This legislation aims to promote fair competition and protect consumer rights by prohibiting deceptive practices in advertising and selling goods and services. By ensuring that businesses provide accurate information about their products and services, the Act helps maintain consumer trust and fosters a fair marketplace where customers can make informed decisions.

The Act addresses various unfair practices, such as false representations, bait advertising, and misleading conduct, which can harm consumers and distort competition. As a result, businesses are encouraged to be honest and transparent, promoting ethical practices within the marketplace.

In contrast to the other options, the Fair Trading Act does not specifically aim to promote international trade, regulate interest rates, or control product safety—these areas fall under different regulations and legislation. The primary focus remains on safeguarding consumers against misleading practices in the business environment.