That seems clear? Are you perhaps reading that as a literal command 'have faith in this process'? I believe their point is that you should have (or lose) faith in regulations as the constraint on industry, as opposed to companies which are viewed as having no restraint.

I don't entirely agree with that viewpoint, but they aren't saying anything inherently contradictory

The good news is that if the regulations haven't been stringent enough to protect people, we can always increase them and also hold regulators that fail to do their jobs accountable.