WORLD CONSUMER RIGHTS DAY DAY [15th Mar]

On 15 March, 1962, US President John F. Kennedy delivered an historic address to the US Congress in which he outlined his vision of consumer rights. This was the first time any politician had formerly set out such principles.

'Consumers by definition, include us all,' Kennedy said in his Congressional Statement, 'They are the largest economic group, affecting and affected by almost every public and private economic decision. Yet they are the only important group... whose views are often not heard.'

Consumers around the world are getting a bad deal from financial services. But a lack of effective competition in the market makes it difficult, if not impossible, for them to shop around.

For example, consumers often have trouble understanding different financial products, whether due to a lack of information or because the products themselves are too complex, or both.

Furthermore, changing to a different provider can be challenging, either because the switching process is prohibitively complicated, or simply because there are not enough financial institutions in the market competing to provide better deals.

As it stands, banks and other service providers do not have a strong incentive to offer more choice and improved services, and consumers are trapped in bad deals.

Over time, the consumer movement has developed this vision into a set of eight basic consumer rights :

• The right to satisfaction of basic needs - To have access to basic, essential goods and services: adequate food, clothing, shelter, health care, education, public utilities, water and sanitation.
• The right to safety - To be protected against products, production processes and services which are hazardous to health or life.
• The right to be informed - To be given the facts needed to make an informed choice, and to be protected against dishonest or misleading advertising and labelling.
• The right to choose - To be able to select from a range of products and services, offered at competitive prices with an assurance of satisfactory quality.
• The right to be heard - To have consumer interests represented in the making and execution of government policy, and in the development of products and services.
• The right to redress - To receive a fair settlement of just claims, including compensation for misrepresentation, shoddy goods or unsatisfactory services.
• The right to consumer education - To acquire knowledge and skills needed to make informed, confident choices about goods and services, while being aware of basic consumer rights and responsibilities and how to act on them.
• The right to a healthy environment -To live and work in an environment which is non-threatening to the well-being of present and future generations. 
•  Nurav's stand: Fight for your rights if you have been cheated!!
• You can take the help of the site http://www.consumercomplaints.in/ for your cause.