Name the parties involved in consumer protection. Explain their role in protecting the interests of the consumers
Answers
Answer:
There are more than one stakeholders or parties involved in consumer protection. The main stakeholder is the affected party and the one affecting party. This includes owners of the business/producer who make the product for the concerned party and the consumer itself. Other stakeholders include pressure groups as well.
Explanation:
The producer and pressure groups have a role in helping to protect the interests of consumers. Pressure groups are usually enthusiasts but media is also a great stakeholder nowadays. They help to keep a check and balance on the product. And not let anything unfair happen to the customer according to consumer protection laws.
Answer:
CFPB, CPSC, FTC, FDA, NHTSA, and SEC
Explanation:
There are six types of regulatory agencies that protect consumers. These six agencies stand for and their organization's responsibilities.
CFPB, CPSC, FTC, FDA, NHTSA, and SEC there are six government regulatory agencies that exist just to protect consumers from dangerous products. This hexagon of protection is responsible for informing and protecting consumers and monitoring businesses for poorly designed products.