What is the primary purpose of regulatory bodies?

The primary purpose of regulatory bodies is to enforce compliance with regulations in specific industries. These organizations are established by governments or other authorities to ensure that companies and institutions operate within the legal frameworks set forth for public safety, consumer protection, environmental stewardship, and ethical practices. By enforcing compliance, regulatory bodies help maintain fair competition, protect consumers, and safeguard public interests.

This enforcement can involve monitoring industry practices, conducting inspections, imposing fines or penalties for non-compliance, and providing guidance and support to help organizations adhere to the regulations. Through these actions, regulatory bodies play a crucial role in promoting accountability and upholding standards in various sectors.