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 (https://prod.apra.shared.skpr.live/self-regulation-dead) 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.