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  I honestly don't know how one would regulate an industry that completely relies on intangibles, there being no reliable method of testing results. It'd be like trying to regulate priests, vicars, imams, rabbis etc - who, if any, has the genuine contact, and who could possibly police it?
  
  Personally I would say all business 'psychics' should be labelled as 'entertainment only', and those being read be required to sign a disclaimer that states as such, but if the punter wants to take it further than that on that understanding, then that's a personal choice.

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