The Act sets out its objectives in Section 2(1):
- promote the interests of the consumers;
- promote effective and efficient development of industry, trade or commerce;
- promote effective competition in industry, trade or commerce; and
- ensure equitable returns for businesses with fair and reasonable prices charged to consumers
The Act also sets out the objectives of FCCC, in relation to regulated industries and access regimes under Section 2(2):
- promote effective competition in the interests of consumers;
- facilitate an approximate balance between efficiency and environmental and social considerations;
- ensure non-discretionary access to monopoly and near monopoly infrastructure or services.
FCCC has a statutory responsibility under the Act for:
- Price control, including residential rents;
- Economic regulation;
- Competition adjudication and enforcement; and
- Consumer protection enforcement