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Protecting Alberta's Marketplace
Introduction & Editorial
As communities and societies advance, innovation and commerce continue to flourish and marketplaces become increasingly more difficult to navigate. The need to uphold consumer rights and interests goes hand in hand with sustainable economic growth, as the protection of consumers allows individuals to feel confident in their purchases and continue to water the plant of their local economies. In today's day and age, individuals born in the Gen Z and Millennial generations are becoming increasingly skeptical of the possibility of owning their own homes and retiring at healthy ages. This is due to the fact that combating inflation and becoming financially secure is only getting tougher day by day. Thus, finding ways to enhance financial security is one of the top priorities of young and middle-aged adults. The Government of Alberta aims to provide safety in the marketplace to ensure that consumers are financially protected from crooked corporations and business malpractice. Perreault (2023) found that in 2019 alone, roughly 2.5 million people reported fraud victimization in the past 12 months, which is approximately 7.8 percent of the total population of Canada above the age of 15. Although proper due diligence and financial safety must be practiced as a consumer, many individuals fall through the cracks and are merely uninformed on how to protect themselves from unfair business and trade practices. The data presents a crystal clear message, in such a digitalized and money-motivated society, financial crime victimization possesses high public interest and significantly hinders the ability of government agencies to ensure that Canadians are financially secure. Fortunately, consumer protection services provide consumers with rights and privileges that prevent exploitative practices and ensure that individuals fully receive what they pay for. Informing consumers on preventative measures towards financial crime victimization is a crucial aspect of consumer protection. Education allows consumers to make well-informed business decisions, partake in due diligence, and share knowledge with family and friends.
Figure 1. Proportion of the population who reported being a victim of a crime (Statistics Canada, as cited in Perreault, 2023).
Figure 2. Service Alberta Shirt (own photo).
In a commerce-driven society, consumers must have confidence that they are given the rights and freedoms that protect them from unfair business practices. To achieve such a level of security, government agencies must intervene and serve as guardians of consumers. At the Consumer Investigations Unit (CIU), investigators and intelligence officers are committed to resolving consumer-business disputes and educating not only consumers but also business operators as well. Whether it be communicating with unaware business operators or uninformed consumers, this agency diligently works to take proper enforcement actions and safety measures to protect the integrity of Alberta's retail environment. Thus, in order for Alberta's economy to flourish, Albertans must pursue economic opportunities and commerce with the trust that they are free from financial crime victimization. This trust and confidence will inevitably build the foundational blocks for a strong and sustainable marketplace and economy. Service Alberta and Red Tape Reduction has the ability to make this necessity a reality through legislation and regulation which is free from loopholes and exploitative business tactics. Most notably, regulations which directly combat and prohibit instances of scamming, fraudulent marketing, and malicious contract negotiation. Waller et al. (2011) affirm this notion by presenting the example of the New Deal Era of President Franklin Roosevelt, who advocated for enhanced regulatory laws and agencies which deal with consumer protection and the Consumer Bill of Rights which was passed by President John F. Kennedy. The outcome of such government intervention is the protection from fraudulent products, deceptive advertising, and business practices through government statutes and the limitation of business actions (Waller et al., 2011).
In addition to limiting the power businesses have over consumers, such legislation educates the public by equipping them with the knowledge they need to understand how healthy businesses operate and ways in which they can protect themselves (Waller et al., 2011). As shown in by the actions taken by the Roosevelt and Kennedy administrations, government intervention and public education are at the forefront of establishing consumer protection. Therefore, government bodies are able to foster a healthy marketplace and informed consumers by deploying qualified government agencies and passing legislation which support this cause. However, the burden of responsibility does not lie solely on the government. Waller et al. (2011) state that consumer agencies also aid in combating the issue of financial crime victimization by investigating and prosecuting legal disputes, researching, and publicizing consumer protection issues. In short, the necessity of government agencies such as the CIU is crucial in ensuring the safety and integrity of Alberta's marketplace. As long as the efforts to combat financial crime victimization are maintained, the commerce-driven society we live in will be a safer place for Canadians.
References
Perreault, S. (2023, July 24). Self-Reported Fraud in Canada, 2019. Statcan.gc.ca; Statistics Canada, Government of Canada. https://www150.statcan.gc.ca/n1/pub/89-652-x/89-652-x2023001-eng.htm
Waller, S. W., Brady, J. G., Acosta, R. J., Fair J., & Morse, J. (2011). Consumer Protection in the United States: an Overview. European Journal of Consumer Law.
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