WEDNESDAY, DECEMBER 15, 1993
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WE BELIEVE FULLER DISCLOSURE OF FINANCIAL DATA BY PUBLIC UTILITIES AND TRANSPORT COMPANIES WILL ASSIST THE PUBLIC IN JUDGING WHETHER THE REGULATORS ARE PROPERLY PROTECTING THE CONSUMER'S INTERESTS, AS THEY ARE SUPPOSED TO DO. MY COLLEAGUE, THE SECRETARY FOR ECONOMIC SERVICES, HAS RECENTLY BRIEFED THE ECONOMIC SERVICES AND PUBLIC UTILITIES PANEL OF THIS COUNCIL ON THE GOVERNMENT'S OBJECTIVES. DISCUSSIONS WITH THE RELEVANT COMPANIES HAVE BEGUN AND WE ARE HOPEFUL OF THEIR EARLY ACCEPTANCE OF THE NEW STANDARDS OF FINANCIAL DISCLOSURE TO THE PUBLIC.
CONSUMER REPRESENTATIVE ACTION FUND
MR MAN AND SOME MEMBERS HAVE URGED THE GOVERNMENT TO SET UP A CONSUMER REPRESENTATIVE ACTION FUND AS SOON AS POSSIBLE TO HELP CONSUMERS TO BRING ACTION AGAINST UNSCRUPULOUS SUPPLIERS OF GOODS OR SERVICES. AS THE GOVERNOR ANNOUNCED IN HIS POLICY ADDRESS TO THIS COUNCIL IN OCTOBER THIS YEAR, THE GOVERNMENT HAS EARMARKED $10 MILLION FOR THE PROPOSED CONSUMER REPRESENTATIVE ACTION FUND WHICH IS INTENDED TO ENABLE THE CONSUMER COUNCIL TO ASSIST GROUPS OF CONSUMERS TO INITIATE LEGAL PROCEEDINGS AGAINST A COMMON DEFENDANT. ANOTHER SUM OF $1 MILLION HAS BEEN SET ASIDE FOR THE COUNCIL TO CONDUCT LEGAL CONSULTANCIES ON THIS PROJECT. THE CONSUMER COUNCIL HAS SET UP A WORKING GROUP, CHAIRED BY THE HON ANNA WU, TO DRAW UP PROPOSALS FOR THE OPERATION OF THE FUND.
MEMBERS HAVE EXPRESSED MIXED VIEWS ON THE PROPOSAL TO SET UP THIS FUND. SOME HAVE ASKED FOR ITS EARLY ESTABLISHMENT WHILE OTHERS HAVE EXPRESSED RESERVATIONS ABOUT ITS POSSIBLE INTERFERENCE WITH THE EFFICIENT AND LEGITIMATE OPERATIONS OF OUR TRADE AND INDUSTRY. IN VIEW OF MEMBERS' COMMENTS, WE WILL CONSULT THIS COUNCIL AS WELL AS OTHER INTERESTED BODIES ON THE CONSUMER COUNCIL'S PROPOSALS AS SOON AS THEY ARE READY. I CAN ASSURE MEMBERS THAT THERE WILL BE PLENTY OF OPPORTUNITY FOR MEMBERS TO COMMENT AND OFFER ADVICE BEFORE THE GOVERNMENT'S PROPOSALS ARE FINALISED.
CONSUMER EDUCATION
WITH
IT
TURNING TO CONSUMER EDUCATION, WE SHARE MEMBERS' VIEW THAT IS IMPORTANT TO MAKE SURE THAT CONSUMERS ARE ARMED
ADEQUATE INFORMATION ON THE BASIS OF WHICH THEY CAN MAKE SENSIBLE DECISIONS. CONSUMER EDUCATION IS MORE EFFECTIVE AS A PREVENTIVE TOOL THAN MOST LEGISLATIVE MEASURES WHICH TEND TO BE REMEDIAL IN NATURE.
THE CONSUMER COUNCIL HAS BEEN PLAYING A LEADING ROLE IN ORGANIZING CONSUMER EDUCATION CAMPAIGNS. IN ADDITION TO THE RECURRENT SUBVENTION то THE COUNCIL FOR ITS REGULAR ON-GOING PUBLICITY CAMPAIGNS, WE INTEND TO MAKE A FURTHER $1.5 MILLION CAPITAL GRANT. THE COUNCIL FOR THE PURPOSE OF ORGANISING SPECIAL CONSUMER EDUCATION IN THE CAMPAIGNS ON FAIR TRADING AND OTHER CONSUMER-RELATED MATTERS NEXT TWO YEARS.
TO
/THE INFORMATION