Consumer Protection refers to the set of laws, regulations, and practices designed to ensure the rights of consumers are upheld and to prevent businesses from engaging in fraudulent or harmful practices. It aims to safeguard consumers from unfair, deceptive, or abusive practices in the marketplace. This includes ensuring that products are safe, that advertisements are truthful, and that consumers have access to information necessary to make informed choices. Consumer protection also encompasses mechanisms for resolving disputes between consumers and businesses, such as complaint procedures and mediation. Ultimately, the goal of consumer protection is to promote fair competition and empower consumers in their purchasing decisions, fostering trust in markets and encouraging responsible business practices.
Understanding the Controversy Surrounding Fintech Lending In recent years, fintech lenders have come under fire for their high-interest rates, especially those serving subprime customers. Critics argue that these rates often…