Do online advertising companies need an external agency to encourage ‘best’ practices?

In the UK, the online advertising industry is ‘regulated’ by IASH. IASH’s purported objective is to ‘to encourage best practice among online advertising sales houses through the adoption of an effective code of conduct. The membership fee to the IASH costs £ 5,000. Annual  audit fees for a network is £ 3,500/-. If  audits are not done regularly, the network is de-regsitered.  I wonder if membership to IASH is really all that necessary? And at such an exorbitant fee? Can members of the online fraternity not form an informal assocaitoin and self-regulate?

I was talking to my friend in the US the other day, and he mentioned that there is no IASH equivalent in the US. And the online marketing industry in the US is working just fine. Eventually, it is down to the networks themselves to formulate a code of conduct and adhere to it. I’d love to hear views on this subject.