Consumer protection is the group of organizations and laws that are designed for ensuring the consumer rights along with fair trade, accurate information and competition in the market place. These laws are designed for the prevention of business engaged in specified or fraudulent unfair practices. Consumer Protection Laws are the form of government regulation that aims to protect the consumer’s rights.
The purpose of the act is to provide consumers protection with respect to:
Preservation of the competitive market and consumer choice.
Adequacy and price of supply of services and goods.
Prevention of deceptive and unfair trade practices.
Protection of remedies of consumers and legal rights.
Maintenance of fairness and truthfulness in the sale, promotion and advertising by the retailer, lender, distributor, producer or any other supplier of credit, property, goods and services.
Providing estimates of benefits and costs of activities and programs estimated by the Federal government legislation and regulations.
Furnishing of clear, accurate and full warnings, instructions and other relevant information by any supplier concerning credit, goods, property etc and services.
Consumer protection is the standing practice where businesses are watched closely for ensuring that the businesses are running the practices legally without being unfair or without applying any fraudulent means in terms of consumer market. You can find list of consumer law blogs & one of the benefits of Consumer protection laws that are used for decreasing the prevalence of the monopolies and ensures that the consumers are still the major concern of companies.