CONSUMER PROTECTION AGENCIES

CONTENT

1. Meaning of Consumer Protection
2. Need for Consumer Protection
3. Regulators/Agencies of Consumer Protection and their Roles and Responsibilities

Meaning of Consumer Protection

Consumer protection is the government regulation made to protect the interests of consumers against exploitation by producers or manufacturers and ensure maximum satisfaction. Hikes in price, substandard goods, varying prices and inconsistent weight are some of the actions of producers that consumers are protected against.

Need for Consumer Protection

These are the needs/reasons for consumer protection:

1. Lack of concern: Producers generally do not have concerns about consumer welfare. They are only interested in their profit or gain
2. Illiteracy and Ignorance: Many consumers are ignorant of their rights.
3. Protection against harmful, counterfeit and dangerous goods
4. To ensure the production of quality and durable goods.
5. To educate the Public: Many consumers are not aware of the side effect of consuming certain goods, and the knowledge about the goods.
6. Maximum satisfaction: To ensure consumers derive optimum utility.