There should be, but this is an example of poorly-targeted regulation where (by design) it makes it easier for large incumbents to hire a team of consultants to

There should be, but this is an example of poorly-targeted regulation where (by design) it makes it easier for large incumbents to hire a team of consultants to manage red tape and smaller, leaner, and perhaps smarter players from appearing in the market due to only the made-up problem of compliance. Large organizations can look out for themselves, Governments, in an ideal world, should entirely exist to serve the people and should also be comprised of them. The problem with elections is that it, by and large, dissuades competent people who would otherwise be good members of government and attracts among the worst kind of person who is hungry for power which lobbies play on to get their way.