I recall having the same thoughts about financial regulation. There are reams and reams of it, soon to be increased thanks to Brussels. You get a substantial sheaf of papers with meaningless gobbledygook every time you buy an insurance policy, unit trust etc.
When Prudent Gordon was introducing his marvellous "tripartite" system of regulation, I remember one of the top bureaucrats (of the FSA, I think) blandly saying that there would certainly be more financial failures. I thought "Why the hell are we paying you, then?"
Regulation was adding to the cost of every financial product but giving no guarantee. When the next financial failure occurred, I knew that the answer would be "more regulation".
Obviously there is a need for regulation but the rogues, like those who ruined Equitable Life, will always find their way around it.
This is where the balance needs to be redressed ... the regulators might lose their enthusiasm for excessive (and ineffective) regulation if they had to take some responsibility for their actions. That, of course, applies to MPs and MEPs. As it stands, they get a free pass.