Categorized | Featured, National News

Consumer Bill Protects Bahamians from Pyramid Schemes, Looms

Prime Minister Philip Davis

By Licec Bastian
Journal Staff Writer

The Consumer Protection Bill (2023) was debated and passed in the Lower Chamber
on Wednesday evening. The new legislation which repeals and replaces the Consumer
Protection Act 2006 aims to put in place laws that protect Bahamian consumers and
not only target small businesses, but ensures that all businesses operate in a fair way.
The Bill will also enhance protections available to Bahamians who fall prey to tactics
like pyramid schemes and ‘Loom’ schemes, according to Minister of Finance, Prime
Minister Philip Davis.
Prime Minister Davis tabled the Consumer Protection Bill back in May of this year
and said the Bill is designed to enhance the rights of consumers across the country and
is for all Bahamians.
“The contents of this Bill are quite comprehensive. I encourage every member of the
public, as well as local businesses, to familiarize themselves with the various parts of
this Bill. I am certain that those who have been affected by dishonest business
practices will have an appreciation for this updated and modernized Consumer
Protection framework,” Prime Minister Davis said.
“Just a few years back, there was a very popular trend being marketed to the
Bahamian people – they called it a Loom. Those who launched businesses promoting
Loom services essentially relied on a pyramid structure with no real product or service
for sale. It relied on the money coming in from members to pay the members who
started the Loom. Many people fell victim to this trend with hopes of making a
rewarding return on their investments.
“This Bill now protects those who are targeted by similar pyramid schemes and holds
the ones who target consumers with these schemes accountable.
“The Consumer Protection Bill (2023) will enhance the protections available to those
who fall victim to these tactics and ensure that we can effectively identify and hold
these predatory goods and service providers accountable.
“This includes the restriction of pyramid schemes. So, those who are prone to
promoting these get-rich-quick pyramid schemes in The Bahamas to take advantage

of people’s desire for success and financial stability, know that you will be held
accountable and liable for the damage you cause to people’s lives.”
With an aim to also protect those most vulnerable, Prime Minister Davis, on
Wednesday when he led-off the debate, also highlighted what the new Bill would
comprise of while he noted that the government is taking an important step towards
economic security – one of three pillars of his government’s National Development
“In our Blueprint for Change, we promised to deliver a fairer and more prosperous
society for everyone, and we intend to aggressively pursue those objectives.
“I know there are those who get a little ‘antsy’ when they hear us talking about a
fairer economy because they have benefitted from inequity and a lack of fairness for
years – even generations,” the prime minister said.
“We must take action to break cycles of generational poverty and hardship in our
The Bill also introduces functions of the Consumer Protection Commission.
Prime Minister Davis contends that creating a fairer economy means helping those
who want to help themselves to succeed. Add to that, he contends that the government
must develop the economy, schools and communities in ways that the most vulnerable
can be equal.
“Creating a fairer economy means taking steps to fix what ails our educational system
and aligning our learning outcomes with labour market opportunities so that all of our
children are prepared for the opportunities of the future,” he said.
“And yes, it also means protecting Bahamians from unfair and dishonest business
practices. Over the past few years, we’ve seen the effects of the global inflation crisis
and the way it has ravaged the wallets of Bahamian families.
“To reduce the cost of living, to prevent unfair business practices, and promote a
competitive business environment so that more Bahamians have access to key
industries, we must make some major decisions about the kind of nation we want to
“I know that not everyone shares our vision, and some will even push back against the
changes we are bringing about in this country, but I believe that what we want and

what the vast majority of Bahamian people want are one and the same: we want
everyone to have a fair shot at success and happiness.
“We believe in the principle of economic justice as a pathway to economic dignity for
all Bahamians. That is the vision that will serve as the foundation for our economic
model and national development strategies.
“The Consumer Protection Bill before us represents a step in the direction of that
While he said the current Consumer Protection Act has served as a foundation to
ensure fairness in the country’s local business environment for many years, it has
become clear that there was a need to update the law.
“The enactment of this Bill will signal a significant shift in our approach to consumer
protection. Every Bahamian consumer will be better protected,” the prime minister
“This bill, at its heart, is about fairness. The Bahamian entrepreneur who is starting a
new business will now know that they are playing according to the same rules as
larger businesses when it comes to providing quality goods and services at fair prices,
according to reasonable standards. And when Bahamian families purchase local goods
and services, they will know that there is a recourse for them should they need it.
The prime minister added that there is a long way to go to fulfill his vision of
revamping The Bahamas’ economy as it is not a short-term undertaking; however, he
is convinced that with Bahamians working together, the journey can be made “toward
a better Bahamas one step, one law and one change at a time.”

Written by Jones Bahamas

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