Question

Think about all the consumer protection laws and the added costs for businesses to ensure compliance. Have we gone too far with these laws, or do we need more regulation to ensure consumer protection? Think about all the consumer protection laws and the added costs for businesses to ensure compliance. Have we gone too far with these laws, or do we need more regulation to ensure consumer protection?

Answer 1

Consumer Protection Law : The consumer protection law is the law which protects the consumers from the miscommercial acts of the shopkeepers, retails, dealers, distributors, manufacturers, trader etc. The consumer Protection act / law develop the frameworks which help and protect the interest of consumers during the commercial sale or purchase of the goods or services. Following are the key laws of consumer protection.

• Right to safety act
• Right to Know act
• Right to Choose act
• Right to Representation act
• Right to be Informed act

Thinking all about the consumer protection laws and it’s added costs for businesses to ensure compliance. We understand that consumer protection laws are implemented across the nation level and also across all the nations based on their individual consumer protection laws applicable in their individual countries. Thus this initiative is implemented worldwide.

We knew that there is a cost in the businesses and in the governments for ensuring the compliance of these protection laws at the nation level and also at global level as well.

But still we have not gone so far with these laws. We still need more regulations to ensure consumer protection. Because of the following reasons

• Consumers are still not getting the ideal protection from these laws, what they are suppose to get.
• Manufactures/businesses are still exploring misconduct with consumers and the consumer protection laws are not able to protect such issues.
• On real ground level the implementation is not so effective as it is needed.
• Developing countries and poor people are the main victims and still not get any benefits from the consumer protection laws.
• Consumer protection laws are not easy and user friendly. A common people are not capable to utilize such laws for their personal issues.