Richard Desmond’s newspapers (the Express, Scottish Express, and the Star) are no longer under the scrutiny of the Press Complaints’ Commission. This, I think, shows the basic flaw in a system of voluntary self-regulation, however well-run – you can opt out!
If any of these four six national newspapers or Desmond’s magazines OK!, New, or Star print something inaccurate, intrusive, or hurtful, your only recourse now is through the courts.
When I interviewed Will Gore, the Public Affairs Director of the Press Complaints Commission, he had this to say on the opt-in system (wasn’t in the published piece):
I do think that newspapers recognise the importance of this system retaining credibility and being seen to be effective.
Ultimately if major newspapers say “There’s no point in this system anymore, we’re not going to bother with it” eventually it will start to fall apart and in that scenario there will have to be something else. Essentially we’ll be back to late ’80s when the Press Council was widely seen to have lost credibility and the government came along and said ‘Sort this out or we’ll regulate for you’.
If the system falls apart then there will be something else. It doesn’t really matter what that something else is – the view of the newspaper industry is that however much they don’t like the PCC, and to be honest a lot of the time they don’t, but it’s better the devil you know that the devil you don’t.
Does this mean the Express and Star will start printing lies, distortions, or intrusive articles at will?

Maybe I’m being pedantic, but in regards to paragraph two this will apply to six (not four) newspapers; Daily Express, Sunday Express, Scottish Daily Express, Scottish Sunday Express, Daily Star and Daily Star Sunday.
It’s also going to affect anyone wronged by OK!, New magazine or Star magazine.
Will be interesting to see how the story develops.
Not pedantic, accurate! I’ll correct right away =)
Even if no other publications follow these I can’t imagine a situation will be allowed to develop where there’s a national newspaper outside of the regulatory system. They’ll either be grudgingly forced back in or a statutory regulator will be set up.