Explain whether "best practice" recommendations and self-monitoring by brokerage firms can be as effective as government...

Explain whether "best practice" recommendations and self-monitoring by brokerage firms can be as effective as government regulations in preventing churning. What are some possible obstacles to effective government regulation of the practice?

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Expert Solution

Yes, in my opinion best practice recommendations and self monitoring by brokerage firms can be as effective as government regulations in preventing churning because such best practices and self monitoring ensures that rules and regulations are being followed and practiced at every step in the process and the process efficiency and effectiveness is also attained. It also prevents churning because it motivates the employees to perform their best and also inspires them to be effective and efficient in their approach.

Possible obstacles to effective government regulation of the practice are:

1. Ineffective monitoring by the government agencies since it is not possible for the government to micro monitor and regulate the different organizations in their own without the help of external agencies.

2. Enough manpower is not present which can effectively regulate the practice by the government which hampers the whole process since without the presence of sufficient manpower, the regulations cannot be governed properly.

keosha answered 3 weeks ago

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