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Sorry for not being an expert in the intricacies of press regulation, however I do believe it needs to be stricter. For one reducing the burden of proof for cases of libel against publications, meaning they would have to be more careful about making up stories and using quotes out of context. See also the press's unwillingness to join the Royal Charter that was set up after the Leveson Inquiry because it would have more power than the current IPSO.
Sumo
aggi
Which basically means the only papers left are the ones backed by people with money to burn. You know, people like Murdoch.
But it's so much easier to just wave your hands and say "well obviously something can be done" without actually making suggestions.