Assignment Question 1 [70 marks] \"M ore formal regulation and enforcement cannot be the only answer to the issues of community concern. it must be accompanied by a healthy degree of selfregulation: industry codes of practice with genuine force, stronger frameworks of governance and accountability within companies, and a commitment by individuals to seek to operate with ethical restraint." Wayne Byres. Chairman ICrossroads: The 2019 Banking and Finance Oath ConferenceI Sydney 8 August 2019 {htt s: roda ra.shared.sk r.live selfre ulationdead} In light of this statement. discuss the role played by selfregulation of the financial and banking industries. Consider whether selfregulation is an effective tool of oversight and whether formal regulation [for example, statutory regulation] has met the needs of consumers of financial and banking products and services. In your answer, include a case study of a selfregulatory body within the Australian nancial and banking industry