Exactly and just like taxation if you look at things intelligently you can’t pick and choose which rules apply. So if someone wants to actually read what has been written and work to that it isn’t illegal. Perhaps outside of the spirit but not illegal.
Its not a defence of it - merely stating the facts of how things surely work and if the majority don’t like it then just change the rules, it isn’t hard.
If a hedge fund manager paying himself £1m a year pays minimal tax sure it jars but if not illegal he simply faces some boos but not criminal consequence.
If CPLs etc are struggling commercially that is surely for them to make the case and if the regulator isn’t listening then again it’s a reflection on them not someone who takes a mate of a mate to a horse race.