EXTRACT FROM MODELS OF SELF-REGULATION, NCC
6. THE CREDIBLE
1. The scheme must be able to command public
2. There must be strong external consultation
and involvement with all relevant stakeholders in the design and
operation of the scheme.
3. As far as practicable, the operation
and control of the scheme should be separate from the institutions
of the industry.
4. Consumer, public interest and other independent
representatives must be fully represented (if possible, up to
75 per cent or more) on the governing bodies of self-regulatory
5. The scheme must be based on clear and
intelligible statements of principle and measurable standardsusually
in a Codewhich address real consumer concerns. The objectives
must be rooted in the reasons for intervention (outlined in chapter
6. The rules should identify the intended
7. There must be clear, accessible and well-publicised
complaints procedures where breach of the code is alleged.
8. There must be adequate, meaningful and
commercially significant sanctions for non-observance.
9. Compliance must be monitored (for example
through complaints, research and compliance letters from chief
10. Performance indicators must be developed,
implemented and published to measure the scheme's effectiveness.
11. There must be a degree of public accountability,
such as an Annual Report.
12. The scheme must be well publicised,
with maximum education and information directed at consumers and
13. The scheme must have adequate resources
and be funded in such a way that the objectives are not compromised.
14. Independence is vital in any redress
scheme which includes the resolution of disputes between traders
15. The scheme must be regularly reviewed
and updated in the light of changing circumstances and expectations.