Earlier quoted context omitted.
Stockbroking, cinema, accountancy, law, life insurance, financial planning, nuclear power, real estate, medicine, advertising, media...[0][1] Self-regulation (especially at the industry level rather than delegating to individual companies) doesn't seem completely broken. Actually it can work quite well. You keep some oversight, and reserve the right for the state regulator to step in if the SRO goes bad. The people w…
An industry regulating itself is different from an organisation regulating itself. Self regulation of the industry is common as you say. It tends to involve one central body enforcing the standards on the members, and acting as a central point for agreement of the standards. This is not the case with the Aviation regulation. The FAA is the regulator, and has delegated the testing to the people it is meant to be regul…
Something like notaries, guilds or unions that can speak the truth without retribution ...
No, we need independent regulation. We don't have the societal norms to pull off self regulation.