That's correct. In financial services and so called public services, it's there to protect standards but it fails to do so on things like water and ofcom, where the 'regulators' are part of the asylum and it is in their interest to go easy on discharging shit or allowing nutters on tv, because the regulators and the authorities, are the same. The PL shouldn't be allowed to regulate themselves. They've shown many times it doesn't work.
Edit. In football, it would mean turkeys not voting for christmas and shafting themselves. Recognise that the richer get richer - a bit like in politics! Imho.