Non-government regulatory agencies aren't a cure all for complex products. For instance, check out the 2008 financial crisis. Sub-prime mortgage derivatives wer

Non-government regulatory agencies aren't a cure all for complex products. For instance, check out the 2008 financial crisis. Sub-prime mortgage derivatives were rated AAA by private ratings agencies. In fact, I would venture they are worse because they have to be paid somehow, and if they are paid by industry, you are ripe for regulatory capture. It can be difficult to get consumers to pay for it unless you include some kind of tax in the product they buy in which case you've arrived at a pseudo-government agency.