This chapter looks at the complexity of what can be called modern regulatory capitalism, and suggests that the focus on rules is counterproductive. It suggests that the idea of responsive regulation is likely to be more effective regulation in that it takes greater notice of the ethical nature of the issues it attempts to address, and will be more likely to garner positive responses.

Regulation touches the financial industry at many points. Australia, for instance, has separate agencies for prudential regulation, market conduct, competition, money laundering, human and consumer rights plus a range of public and private sector tribunals and other dispute resolution bodies. These agencies are in turn subject to international ...

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