SAINT JOHN, New Brunswick, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Warranty issues were among the top consumer complaints the Financial and Consume Services Commission (FCNB) received in 2018. FCNB has a wealth of information available that can help New Brunswickers avoid common pitfalls in consumer purchases.
“The complaints and questions we receive indicate to us there is a need for more consumer information and resources,” said Alaina Nicholson, director of the Consumer Affairs Division. “New Brunswick consumers can avoid common pitfalls by taking the time to understand best practices for purchases, as well as their consumer rights and responsibilities.”
Here are the common best practices New Brunswick consumers can apply across their purchases:
Reading contracts and estimates carefully
- Having a contract is essential, even for small projects and services such as home renovations, seasonal services such as snow removal and when applying for or buying something on credit.
- Be sure you fully understand the terms of a contract before you commit to a purchase or agree to pay for a service. Ensure you understand your cancellation rights, and ask if you will have to pay for installing or uninstalling the product. Shop around and compare the pricing and services to decide which will best suit your needs.
- Ask about and compare cash price, credit price, and warranties.
- Only agree to payments that you can afford, and make sure you understand the full costs including any interest or fees.
- It’s good practice to have the salesperson sign the contract before you do. By being the last one to sign the contract you can ensure you are agreeable with all of the terms after a thorough review of all the details, and you can check that the contract details are correct (such as date and price), and you understand the content of the contract.
Asking for references
- Good home contractors, mechanics, and other service providers have satisfied customers. If the service provider is unwilling to provide references, be wary of hiring them.
Asking for licensing or registration
- Door-to-door salespeople, payday lenders, mortgage brokers, insurance brokers and many investment professionals are required to hold licences or be registered to operate in New Brunswick. If you are dealing with any of these professionals, be sure to ask for a license or proof of registration. This is one of the many ways you can protect yourself from fraud. You can also check our website to confirm registration.
Getting multiple quotes
- Getting multiple quotes for the same service can be an eye-opening exercise, because it will help you determine where you’ll get the best value for your money.
- Don’t always assume the cheapest quote will save you money in the long run.
Asking about return policies
- A common misconception is that when you buy a product you will have 30 days to return it in exchange for a full refund. In fact, retailers are free to set their own return policies. Consumers are responsible for asking each retailer what their return policy is before they make a purchase.
Knowing about warranties
- Did you know you have rights under the Consumer Product Warranty and Liability Ac t when a product you bought did not work, was defective or did not live up to the seller’s promises or your expectations? This legislation applies to new and used goods sold by a dealer for personal, family or household use, but does not apply to private sales between individuals.
- Learn more about warranties and your rights and contractual clauses when it comes to buying appliances.
Free samples are not always free
- Use caution when signing up for free samples, free newsletters or for updated products from online companies. New Brunswick consumers have reported being invoiced or charged to receive free samples after unknowingly signing up for a subscription service. If you have provided your credit card information, you should contact the suspected company and request a stop payment. Read more about free sample scams .
FCNB staff investigate consumer complaints relating to a wide range of financial and consumer protection legislation in the province, provide advice and direction to the public on how to resolve their complaints, and educate consumers and businesses on their rights and responsibilities. Not all inquiries or complaints received by FCNB fall under the legislation for which it is responsible. When FCNB receives a question that is outside its scope of regulation, staff refer the question or complaint to the appropriate agency.
“Best practices for consumers are typically common across all of their activities – committing to a large purchase or service should only occur after a thorough review of the contracts involved, asking for references and licensing, and asking about return policies,” said Nicholson. “We urge consumers to ask questions, to take the time to make informed, no-pressure decisions, to do research and to read all contracts carefully when making purchases.”
Media Contact:
Sara Wilson, Senior Communications Officer, 506 643-7045 or 1 866 933-2222. sara.wilson@fcnb.ca
FCNB has the mandate to protect consumers and enhance public confidence in the financial and consumer marketplace through the provision of regulatory and educational services. It is responsible for the administration and enforcement of provincial legislation regulating mortgage brokers, payday lenders, real estate, securities, insurance, pensions, credit unions, trust and loan companies, co-operatives, and a wide range of other consumer legislation. It is an independent Crown corporation funded by the regulatory fees and assessments paid by the regulated sectors. Online educational tools and resources are available at www.fcnb.ca .
