UCPD Essay

Great Essays
There were a wide range of related legislation which had been amended, repealed or replaced in order to be in conformity with the UCPD. It is witnessed some challenges to implemented the UCPD in the UK.
Firstly, the maximum harmonisation requires the stringent implementation which restrains Member States from regulating their relevant rules outside the scope of UCPD. As UCPD only governs the commercial practices between traders and consumers as defined in Article 2, it is imperative to discern which matters fall within the scope of UCPD, which are not. Secondly, the managing a wide assortment of commercial practice of the UCPD correspondingly arises the necessary to examine the comparability of domestic measures with those under UCPD. Additionally,
…show more content…
According to Regulation 2(1), ‘professional diligence refers to ‘the standard of special skill and care which a trader may reasonably be expected to exercise towards consumers, commensurate with honest market practice or the general principle of good faith in the trader 's field of activity’. The requirements of professional diligence go beyond the subjective good faith, hence, to be in conformity with the standard of professional diligence, the trader must be not only honest but competent to fulfil his work. As Abbamonte’s example, if an honest antique dealer sells fake product because he believes it is authentic, his behaviour does still not conform to the requirements of professional diligence. However, it is witnessed the difficulty to examine the professional diligence of traders. It may only be determined case by case with the assessment of all material facts. Besides, the objective of consumer protection may not be achieved by the provision on professional diligence as consumers neither set up honest market practice nor contribute to develop codes of practice. Therefore, the enforcement of the rules on the professional diligence, as the original intention of the EC, should be accompanied with codes of conduct considering both professional and consumer

Related Documents

  • Improved Essays

    A.Good business is good morals Agree. A good business can also be morally good if they follow the rules and regulations that are given by the state and they also should follow business ethics that will attract customers and other business partners B.No Business person who is “going places” can afford the luxury of worrying about morals. Disagree. No person should sacrifice his/her morals just for the sake of maintaining his luxuries C. Every business person operates on the basis of some moral philosophy, whether he is aware of it or not. Agree.…

    • 810 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    It is important that the CPAs preform services in accordance with the GAAS that they must do attestation with integrity, objectivity, professional competence, due care, and confidentiality, but it’s more important for them to recognize the goal of serving public interest. Auditors must ensure that they have independent judgments for the financial reporting and avoid being compromised by third parties or their clients. Only if they concur the ethical conflicts between their self-interest and public interest can the public be beneficial from their services…

    • 1021 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    4. Limitations 4.1 Conditions to be Fulfilled One must be warned that even when an incorporation clause is being identified as a clause in the reference document, it does not inevitably follow that that clause will be incorporated into the reinsurance contract. The clause could be entirely inapplicable in the reinsurance contract. Due to this, the courts have developed rules that have to be met, so as to ensure that only appropriate and applicable terms are incorporated into reinsurance contracts. As explained by Thomas (2015, p. 46), “In HIH Casualty & General Insurance Ltd v New Hampshire Insurance Co [2001] 1 Lloyd’s Rep IR 224, the judge at first instance set out various tests that had to be satisfied before a term would be incorporated…

    • 1236 Words
    • 5 Pages
    Great Essays
  • Improved Essays

    Independence In Auditing

    • 1290 Words
    • 6 Pages

    Independence ensures that the public is confident in the integrity of the financial statements. Without this confidence, the public could not feel confident participating in financial markets which would greatly harm the economy. Auditors must further ensure to honor the public’s trust which underlines the importance of being independent in appearance. Auditors have the responsibility to exercise professional judgements when auditing financial statements and the public must trust that their professional judgement is without bias otherwise the reports would be potentially materially misleading. 2.…

    • 1290 Words
    • 6 Pages
    Improved Essays
  • Improved Essays

    Confucianism focuses on healthy relationships built on trust and mutual respect. When marketers knowingly mislead consumers, it destroys the trust of consumers. Maintaining a trusting relationship with consumers is important and being transparent and honest about their marketing process is a way to help consumers make informed…

    • 1042 Words
    • 5 Pages
    Improved Essays
  • Superior Essays

    Mamet’s work suggests that the nature and the importance of business ethics are crucial when selling because if you are unethical during the process, this will be known when the transaction is done. Conducting ethical procedures in a business is a necessity because they are a proponent to the morale of the employees. When ethical behavior is treated as a luxury instead of a necessity, the results become detrimental because the characters felt completely fine manipulating their customers to better their chances at winning the Cadillac. The fault lies with Mitch and Murray, the motivational speakers, and Williamson because they pursue their employee’s best sales skills in a way that will force them to make ethical mistakes. Ethical behavior should be encouraged because the behavior helps sales, keeps employees honest to consumers, and does not put a negative reputation on the company.…

    • 1330 Words
    • 6 Pages
    Superior Essays
  • Improved Essays

    The research questions in honesty advertising The First point that is worth putting under analysis is whether the honest advertising can make company last longer. To give the distinct answer to this question, it is necessary to specify what is meant by the honest marketing. It is the abidance of the ethical principles, which advance the fairness and responsibility on the part of the media advertisers. To these unwritten norms belong the exact separation of the advertising from the news, direct and trust worthy reveal of the products’ characteristics, absence of the exaggeration, and compliance with the standards determined by the governmental agencies as well as refusal from the hidden manipulation techniques. In this light, the companies,…

    • 1054 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    In the stated case, the reality of a situation was taken into account, instead of any contractual provision. The court’s decision indicated that unrealistic demands would not be considered if they fail to be aligned with the real nature of employment relationship.Any employment dispute should be investigated through considering evidence on how parties conducted their practice, any written terms, expectations of the parties and any other relevant evidence. The judgement in Protectacoat Firthglow Ltd V Szilagyi case can also be taken into account to identify the basis of Autoclenz’s case. In the aforementioned case, it was clearly communicated that the court needs to understand whether the…

    • 956 Words
    • 4 Pages
    Improved Essays
  • Superior Essays

    But how to prevent unethical behavior in the first place? First of all, there are no settled rules between laws and ethics. Ethics change over time, so does the law to reflect the changes in moral principles. The society all in all utilizes laws to indicate what individuals can and cannot do. Additionally, laws indicate what will be the penalty if those rules are not followed (Jones & George, 2016, pp.…

    • 1391 Words
    • 6 Pages
    Superior Essays
  • Decent Essays

    There are a few differences between natural law and legal positivism. However, before diving into the differences, a definition for both the theories should be provided. Basically, a natural law is a law in which is derived from the validity of morality and reasoning. Natural law is believed to be served on the best interest of the common good as well. For legal positivism, it is viewed in the source of a law has no connection between reasoning and morality.…

    • 833 Words
    • 4 Pages
    Decent Essays