This essay examines the role of codes of conduct in the regulation of financial services, primarily within the Australian context. It traces the evolution of these codes as a form of self-regulation, analyzing their relationship with legislative frameworks and regulatory bodies like ASIC. The essay explores the rationale behind using codes, the safeguards in place to ensure their effectiveness, and the shift towards viewing them as a means of promoting best practices. It delves into the historical development of codes, their impact on consumer protection, and the balance of power between industry and regulators. The essay also considers the concepts of 'responsibilisation' and risk-shifting, highlighting how codes of conduct influence industry behavior and compliance within the financial services sector. The analysis touches upon themes of transparency, accountability, and the ongoing evolution of regulatory approaches to maintain consumer trust and market efficiency.
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