The industry is policed by the FSA in the UK and the SEC in the US. This is not being policed by themselves - both are independent. The last thing that is needed is tighter controls - what actually needs to happen is that the controls that are already in place need to be enforced intelligently. Given that (and I am possibly being overly harsh here) it seems that in the money industry, those who can't, regulate, it may be difficult to acheive this.

I would be very surprised if there was anything even approaching systematic fraud here - foolishness yes, fraud no.

M