By Florence Tan SINGAPORE A global shortfall in crude oil supply is set to deepen in the third

RICHMOND, Virginia U.S. banks should be prepared to borrow regularly from the Federal Reserve's discount window, while the

Facebook Marketplace is the most complained-about online retail platform for selling counterfeit, poor-quality and potentially unsafe goods, Trading Standards has reported. The online giant, which enables third-party sellers to trade goods on the platform via the marketplace, was criticised for being slow to take action against problem sellers and for enabling misleading product descriptions, counterfeit goods and potentially harmful products to reappear on its platform after being taken down. A national survey by the Chartered Trading Standards Institute (CTSI) found the online giant causes its officers the most concern, as well as being unresponsive or unco-operative when contacted about problem sellers. More than half (53 per cent) of respondents representing about 50 local authorities across the UK identified Facebook as the most complained-about online marketplace – more than all of the others combined. If it wants to be seen as a proper online retailer where people can buy safe and legitimate goods, it needs to start acting like one CTSI chief executive John Herriman The CTSI’s survey, the first of its kind, also found that Trading Standards teams were unable to properly address problems with online marketplaces because of a “triple whammy” of recurring issues – unco-perative businesses, unsuitable legislation and limited resources. Just 10 per cent of Trading Standards officers said they had been able to take action against online marketplaces as a result of these three obstacles. The CTSI’s survey found that 45 per cent of officers cited a lack of co-operation from online marketplaces as a recurring problem, 63 per cent said the law as it stands is not fit for purpose and 57 per cent had received no response when attempting to contact sellers on online marketplaces. Some 59 per cent said they had been unable to locate details about where third-party sellers on online marketplaces were based and 29 per cent said they wee unable to deal with complaints about online marketplaces because of a lack of time and resources. CTSI chief executive John Herriman said: “Facebook Marketplace needs to up its game. At a time when more and more people are going online to buy things, there is a real urgency for online retailers to take their responsibilities to their customers more seriously. Currently, online marketplaces like eBay and Facebook Marketplace are operating with fewer safety regulations than traditional high street retailers, eroding fair competition and allowing the sale of unsafe goods to flood the market unabated Martyn Allen, Electrical Safety First “The fact that Facebook Marketplace is an offshoot of a social media platform rather than a service that was built as an online retailer from the ground up speaks volumes. If it wants to be seen as a proper online retailer where people can buy safe and legitimate goods, it needs to start acting like one. “Failing to take action against sellers who use their platform to mislead, rip off and potentially endanger consumers just isn’t good enough. “We are calling for all online marketplaces to take action against problem sellers, for the law to be tightened up so enforcers have more tools at their disposal to protect consumers, and for more resources that enable us to do that more effectively.” A Meta spokesman said: “We take these issues seriously and when we find listings that violate our rules, we remove them. “We also work closely with external partners and respond to valid legal requests from law enforcement and the Office for Product Safety and Standards, to prevent illegal activity on our platforms.” Phil Lewis, director general of the Anti-Counterfeiting Group (ACG), said: “Criminals rely on legal e-commerce platforms, social media, maritime freight companies, express couriers, airlines, postal services and internet hosting services to set up rogue shopping sites. “ACG is calling on government to recognise the growing international threats to our families, job-providing businesses and the economy. “Appropriate enforcement resources and a policy architecture are desperately needed to ensure the companies providing these services work alongside our enforcement authorities and businesses, to combat this intensifying threat.” Martyn Allen, technical director of the charity Electrical Safety First, said: “Sadly, the high number of complaints Trading Standards officers receive regarding online purchases comes as no surprise. Online retailers like Facebook Marketplace need to be held to account just like any other type of business, otherwise consumers and legitimate businesses lose out Yvonne Fovargue, APPG on Consumer Protection “Currently, online marketplaces like eBay and Facebook Marketplace are operating with fewer safety regulations than traditional high street retailers, eroding fair competition and allowing the sale of unsafe goods to flood the market unabated. This puts UK citizens at serious risk of injury and harm. “It’s been a year and a half since the UK Government promised publication of the Product Safety Review, which is expected to include proposals to protect British consumers when they shop online. “The time for waiting is over – the Government must prioritise publishing the Review without any further delay.” Yvonne Fovargue, chairwoman of the All Party Parliamentary Group on Consumer Protection, said: “Since the pandemic and now, with the cost-of-living crisis, more people are buying products from online marketplaces. “These consumers deserve to be treated fairly and should be able to be confident that what they buy is safe and accurately described. “Online retailers like Facebook Marketplace need to be held to account just like any other type of business, otherwise consumers and legitimate businesses lose out.” Read More Charity boss speaks out over ‘traumatic’ encounter with royal aide Ukraine war’s heaviest fight rages in east - follow live UKRI announces £50 million to develop trustworthy and secure AI ‘Last Beatles record’ was created using AI, says Paul McCartney Put ‘public good’ at heart of AI and new tech, Starmer to say

Now is a great time to look for a bank or credit union that aligns with your values

Puerto Rico’s financial oversight board is amending its plan to reduce $9 billion of Electric Power Authority debt

Oil prices could climb well into triple-digit territory by next year if Russia and Saudi Arabia don't unwind their aggressive supply cuts, Goldman Sachs warned its clients.

Nothing symbolizes the demise of China Evergrande Group like the Hong Kong tower that it bought for a

The Colorado General Assembly will meet in a special session to address soaring home values and the consequent spikes in property taxes

San Francisco’s 127-year-old Anchor Brewing Co. will shut down after years of declining sales, citing tough economic conditions

HONG KONG (Reuters) -The Hong Kong-listed shares of Chinese electric vehicle (EV) makers fell on Thursday after the European Commission

By James Pearson, Raphael Satter and Zeba Siddiqui (Reuters) -The U.S. State Department warned on Thursday that China was capable

Iraqi villager Omar Ziad gazes at the cracked and barren earth where his fish farm once stood, lost to water conservation efforts...