Well for regulation to be truly effective it needs to be independently funded and organised. Which usually means public funding etc.
But this isn't exactly a top priority for policy makers, so bottom up / self regulation is where it will have to start.
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I think some of the big bloggers could facilitate this, by getting together, consulting opinion, developing some common standards and guidelines, following them themselves etc.
Like the 'Fair trade' logo, there could be a shorthand which bloggers following that approach display on their site - it would / should help them build an audience, and also help smaller and newer bloggers withstand the pressure.
I completely agree with Dougal's post, but can't really see it happening yet. As Freia wrote, the extra £££ from cynical sticklers like us won't outweigh the ££££££££ losses of moving from the status quo.
The only influencer who has tried to properly address the concerns voiced on here was Sali and even with her, I feel some questions remain open. Most of the other significant players have ignored or cried "bullying" and seem to be hoping it will all go away as quickly and quietly as possible.
From what I can see (happy to be corrected), none of the big influencers - even "good apples" like Sali - have previously felt it necessary to publicly address the lack of disclosure and the conflicts of interest in beauty blogging and beauty journalism in any major way. Sali mentions on twitter that we "weirdly ignore the worst offenders", so she clearly thinks / knows that some of the big influencers are pulling the wool over their readers' eyes for financial gain. If even someone as popular, well-respected and articulate as Sali only addresses these issues when pressed for answers, how are we supposed to trust the rest of the bunch?
Why have none of the major players felt that some sort of proper self-regulation is in order when the current regulating body obviously doesn't give a fuck and many bloggers evidently violate even the existing, pretty lenient codes of conduct? Surely it was obvious that this would start to reflect badly on everyone and erode trust? Also doesn't help when you're signed with the same PR firm as some obviously dodgy bloggers. Why didn't the honest bloggers feel the need to warn their readers and protect them from manipulation?
Even if some of the big bloggers were to implement some sort of self-regulation now, it would all feel a bit forced and dishonest. Not sure if this would do much to re-establish trust for me. I think a proper admission of how things have gone wrong in the past would be a good idea. Not just from those who have actively deceived readers and not disclosed financial interests properly, but also from those who have kept quiet about dodgy brands and bloggers.