How would I best explain regularoty bodies and trade associations?

Question

As in within travel and tourism aspects

Answer 1

I do not know a lot about the travel and tourism industries but can give a general idea.

Trade associations are organisations set up to promote a particular trade or industry. They are funded by members who are active in that trade. They sometimes take on some regulatory functions but these are taken on voluntarily in order to establish better practice amongst its members with the aim of increasing their profitability in the long run.

Regulatory bodies also monitor standards but these are imposed from outside the industry. These bodies are usually created by the government of the day and funded from general taxation. The role they play will be defined by parliament when they are created.

Hope this helps