Importance of Consumer Protection: (1) To Organize Consumers: Indian consumers are scattered over a wide geographical area. With the advent of the industrial revolution, there are now a slew of new products flooding the market. Explain the importance of consumer protection from the point of view of a business. From the Point of View of Business: Business needs consumers as much as consumers need business. It not only includes educating consumers about their rights and responsibilities, but also helps in getting their grievances redressed. Trading became exceedingly fierce, and the pressure of traders on the consumer began to increase at the same speed. The COPRA, 1986 as a result of intense bargaining for the right of consumers all over the world. Consumer want protection against deceptive and unfair trade and market practices. Federal and state consumer protection laws have typically focused narrowly on consumer welfare and are directed at misleading or confusing information about products and services. They have a low power and businessmen exploit consumers. It not only includes educating customers about their rights and responsibilities but also helps in getting their grievances redressed. The Consumer Protection Laws in India received a significant boost after the introduction of the Consumer Protection Act of 1986. Consumer protection is a group of laws and organisations that are designed to ensure the rights of consumers. Large number of consumers are exploited by manufacturers. Many … Consumer protection provides following benefits to businessmen: Consumer protection measures are often established by law. The business activities are revolved around Consumers only. World Consumer Rights Day 2020 Celebration : The consumer movement marks 15th March with World Consumer Rights Day every year, as a means of raising global awareness about consumer rights and needs. Here we need consumer protection. The Consumer Protection Act came into force and the Consumer Ombudsman started working in autumn 1978. 2.1 The General Principles for Financial Consumer Protection KSA 2.2 Consumer Responsibilities PART 3: OUR KEY COMMITMENTS 3.1 Terms and Conditions 3.2 Fees, Charges and Pricing 3.3 Data Protection and Confidentiality 3.4 Advertising and Marketing Communications 3.5 Account Opening 3.6 Account Switching 3.7 Cards 3.8 Internet Banking Consumer Protection has a broad program. 1. Impart Market Information- Most of the consumer is clueless, and have no information about the product they are buying and this might cause them losses. The importance of consumer Legal Protection. World Consumer Rights Day 2020. Undoubtedly, consumer protection laws and policies are important for the … The importance of consumer legal protection consumer protection is one of the areas that received development around the second half of the 20th century. Consumer protection policies play an important role in the protection of the consumers from the poor services, misleading advertisements and hazardous goods that present in the situation. Trading became exceedingly fierce, and traders’ pressure on the consumer increased at the same speed. 3. And moreover, the right granted to consumers under consumer protection laws in India. They are informed and ununited individuals who are often exploited by sellers. Consumer Ignorance:- consumer protection provides Information to ignorant customers regarding rights and remedies available to them. Consumer protection laws work to protect you against improper business practices. Importance from consumer’s point of view . 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