There is something in what you say, but I'm not certain that the regulatory culture in the UK is always just about protecting inoocent bystanders.
In Britain there is more of a tendency for the state to feel that it must protect the individual from himself/herself, as well as to prevent the individual from harming others. In the USA the culture is more inclinded towards saying "If you want to risk your own neck, that's up to you, what we won't let you do is harm others."