The commentary did not in fact say "there was no need for regulation because the cosmetic industry in both the US and the UK had ensured that their products were virtually free of asbestos fibre." The link in the Lancet post is broken, but here is the 1977 commentary: https://www.thelancet.com/pdfs/journals/lancet/PIIS0140-6736...

What it in fact says: "In summary, there is no reason to believe that normal consumer exposure to cosmetic talc has in the past led either to cancer at any site or to measurable loss of lung function. It seems unlikely that future exposure to cosmetic talc of the specifications now agreed to by major manufacturers will present a health hazard."