Assignment Question 1 [70 marks] \"More formal regulation and enforcement cannot be the only answer to the issues of community concern. it must be accompanied by a healthy degree of self-regulation: 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 'Crossroads: The 2019 Banking and Finance Oath Conference' Sydney 8 August 2019 (hftgsgrc-d.apro.shared.skgr.live[selfregulationdead) In light of this statement, discuss the role played by self-regulation of the financial and banking industries. Consider whether self-regulation 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 self-regulatory body within the Australian financial and banking industry