The Economic Inspection service of the FPS Economy, which oversees Consumer Credit in Belgium, has just released its 2017 annual report. Key insights below.
Increase in Offenses
Last year, the Economic Inspection conducted several tens of thousands of checks. These resulted in warnings and official reports. The key takeaway here is that although the number of checks carried out in 2017 remained similar to the 2016 figures, nearly one in four inspections unveiled offenses, compared to only one in five in 2016.
Moreover, thanks to a new website that allows reporting, 2017 saw a record number of reports. This new platform aims to enable consumers and businesses to report any suspected unfair acts, such as fraud, deception, or scam, with just a few clicks.
What About the e-Commerce Sector?
As online shopping gains ground, with 60% of internet users engaging in it in 2017, creating a climate of trust in the e-commerce field is imperative. This is why the Economic Inspection pays particular attention to the internet, especially concerning consumer credit. To ensure that online retailers comply with existing laws, over several inspections were carried out on websites last year. Furthermore, as part of the fight against counterfeiting, many sites offering counterfeit products were shut down.
And What About Consumer Credit?
Finally, the area of consumer credit in stores received particular attention. Warnings or official reports were issued, and checks were established. Mainly for the absence of mandatory information, misleading mentions such as “free credit,” or the use of abusive clauses.
