In the UK, 'genuine' mediums have been protected since 1951 by the Fraudulent Mediums Act. Only mediums or psychics who have been proven to be frauds could be convicted, which is difficult, and only 10 have been convicted in the past 20 years.
Next month the old act is set to be replaced by the new Consumer Protection Regulations. Under the new law psychics are to be held accountable for the quality of their service just like any other industry. This is assuming they charge for their services, which most obviously do.
Psychics aren't happy. They say it will necessitate various disclaimers about what they offer, and leaves them open to malicious lawsuits by skeptics. I imagine skeptics are much more happy about the situation.