CFTC fines Old Mutual Malawi for unfair trading practices

The Competition and Fair Trading Commission (CFTC) has slapped eight companies with a combined fine of K6.5 million for unfair trading practices.

The penalties follow investigations CFTC undertook after receiving various complaints against the companies.

The companies include Old Mutual Pension Services Limited, Peoples Trading Centre, King Steel Limited, Central Poultry Limited, Chipiku Plus, Suncrest Creameries Limited and Vanguard Life Assurance Company Limited.

The unfair trading practices include supply of products likely to cause injury or harm to consumers, misleading conduct and insufficient labelling.

While welcoming the development, Consumers Association of Malawi Executive Director John Kapito has asked the commission to address unfair trading practices from the grassroots.