World Consumer Rights Day

For over 40 years, businesses and consumers alike across the globe have celebrated World Consumer Rights Day on the 15th March. It’s on this date that we strive to recognise and raise awareness of consumer rights, while also highlighting opportunities for protecting consumers so that the products and services they rely on are accessible and affordable. While ensuring the positive outcomes for our customers in all mortgage and protection cases is always the priority of our network, we still wholeheartedly feel that days like this are an important reminder to the market that respecting the rights of consumers everywhere should be the foundation of any business strategy.

With that in mind, in this article we will share with you what we hope to achieve with the support of events like this, as well as discussing why celebrating the rights of our consumers shouldn’t be something reserved for just one day out of the year.

Why do we celebrate World Consumer Rights Day?

For as long as the buyer-seller dynamic has existed, there have been cases of consumer exploitation, both documented and undocumented. There are a number of different forms consumer exploitation can take with the most notable including the likes of:

• Overpriced goods – Traders charge consumers a higher price for their goods or services knowing that the buyer is potentially uninformed, or perhaps they have been temporarily placed in vulnerable circumstances.
• Substandard product quality – When goods are sold to a consumer that is below standard or not fit for purpose, or the quality is not as expected or as detailed in any advertising materials.
• False advertising – Occurs when a seller markets a product or service with false or misleading features in an attempt to generate interest and sales.
• Poor after-sales services – It is the duty of the seller to provide adequate after-sales support so that queries or concerns are satisfied.

With the introduction of World Consumer Rights Day, the goal has been to eliminate customer exploitation at the source, educating businesses, marketers, manufacturers and everyone else who plays a role in influencing a consumer’s purchase decision on how to act responsibly with the consumer in mind. We celebrate World Consumer Rights Day every 15th March to work in unison to progress the consumer movement.

What is the theme for World Consumer Rights Day 2024?

This year the theme of World Consumer Rights Day is ‘Fair and Responsible AI for Consumers‘. Following major breakthroughs in the capabilities of artificial intelligence in recent months, with the likes of generative chatbots and text-to-image models changing the way in which we work, create and generally gather information, it is imperative that we take the time to identify how this will impact consumers. To ensure an AI-responsible future, we must all move fast to understand what AI means for consumer rights.

AI and Consumer Search

The primary focus of Consumer International’s 2024 World Consumer Rights Day celebration is consumer search within the age of AI-powered misinformation. Before any major purchase, most consumers will conduct their due diligence and research both the product and brand they will be buying from, ensuring they have found the best value-for-money deal. The advent of unverified information now flooding our search engines however has interrupted this process and as a result put the consumer at risk of overspending, purchasing a faulty product that does not fulfil their needs or being outright scammed out of their money. To find out more on the subject or register for one of Consumer International’s Generative AI Dialogue and Debate series click here.

World Consumer Rights Day and PRIMIS

Here at PRIMIS, we take the safeguarding of our customers seriously and this goes beyond just World Consumer Rights Day. As a regulated entity, our consumer protection efforts are largely directed by the guidelines and regulations outlined by the Financial Conduct Authority. This extends to our network of mortgage and protection advisers, with the formal routes of the Financial Services Compensation Scheme and Financial Ombudsman (just to name a few) being accessible to all who seek to maintain compliance with the FCA’s rules and regulations.

At Primis we pride ourselves on supporting our Advisers to deliver a world class service of tailored advice to meet our customers’ needs and circumstances, now and in the future. Our products and services are offered through various accessible channels, in a manner that suits their preferences. We prioritise making it effortless for customers to engage with us, providing information in a clear jargon free manner to meet their financial needs. 

Jo Badger, Customer Outcomes Director

If you want to be part of a network that puts the integrity of its customers first, click the link below to begin your journey with PRIMIS.