What other industry is allowed to inspect itself? It completely ruins the point of an inspection. It's like being the judge and jury in your own trial. I'm amazed this is a thing in the first place.
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…
Except if the "people who run the SRO" are in fact employees of the very company they're supposed to be regulating... ?
Then they surely have an even greater incentive to keep quiet in order to keep their jobs?