That's because you don't know what they do. It's not a censor but somewhere you can complain to if you think a story is unfair or untrue. No one can afford to take newspapers to court here and sue them. The other thing the regulator does is to make sure journalists are honest, you may not have heard of the phone hacking problems here where certain journalists on the orders of their editors were using people to hack into phones for stories. This included the phone of a teenage murder victim whose phone was hacked so that her texts and messages appeared to have looked like they were read leading her parents to believe she was still alive when in fact she'd been brutally killed. The phone hacking was rampant, many were celebrities but more often than not it was the phones of people who'd been victims of crimes.
The IPSO is funded by the industry not government. it's as much for the journalists as anything.
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