Wednesday 11 January 2012

truth in advertising

At the other end of the spectrum (in several respects) from the efforts in the US legislature to bring SOPA and PIPA in force, the EU Commissar and national consumer advocacy ministries are teaming up to combat predatory lending practices through offers of on-line credit that are usually too good to be true. In contrast to the industry lobby in the States, this mission actually aims to protect the consumer and has the teeth to close down websites, possibly engaged in shady, dishonest business, if they fail to come into compliance--not steamrolled or blacklisted but not suffered purely for the sake of commerce either. Though I think the Banking Offices of Mister Goodluck Smith-Jones of National Bank Ltd GmbH of Nairobi, who has some incredible news for you, are safe, the commission has looked at hundreds of websites and scoured thousands of offers that purport to compare competitive interest rates for moving ones savings or find the best terms for a loan and found that more than two-thirds of these sites, with an air of legitimacy since they rate real financial institutions that people have heard of, the conditions did not pan out as favourably as promised. Caveat emptor is a sound doctrine to follow and a little homework is always to one's advantage, while the sieve of government cannot and would not attempt to filter and field all such spam, this kind of initiative is a proportional way to balance out the glossy inducements that people sometimes seek out.