I think you hit the nail on the head when you mention the complexities of the business being the cause for the inefficiencies. Private Equity has figured out th

I think you hit the nail on the head when you mention the complexities of the business being the cause for the inefficiencies. Private Equity has figured out that they can buy into businesses with high legal, regulatory, and 'friction'-related barriers to entries, and squeeze the clients (either by increasing prices or decreasing service level/quality). The solution would be to make entry into these businesses easier by reducing legal and regulatory barriers, but that seems vanishingly unlikely.