hey guys, i know a lot of you have Regal Vices. i just bought one with a Midge head and my handle has a bit of play to it. there is Up and Down travel in the lever due to the amount of play in the cam (?) that is running through the jaws. At the end of my handle i can measure about 1/8" of up and down travel but since the handle has a bend to it im not sure that represents the issue accurately. seems excessive to me. its a big enough gap to fit a thin washer into.
hope you understand what im trying to convey. Do your handles wobble like that?? and what is the hex in the photo for? i didn't want to go voiding my ability to return it so i didn't play with that yet.

The hex screw is a set screw to hold the lever on the spindle & cam that opens the jaws.

IF the handle AND the hub with the set screw move up & down, the set screw may just need tightening.

You'll know in an instant if it is loose by putting an Allen key in and seeing if the set screw tightens. If it does that may resolve you problem, otherwise do as the hersh says and call Regal.

Good luck!

If I am seeing your photo correctly, I have the same model Regal Medallion with standard jaws - tight as a drum, no wobble anywhere.
Surprising it passed inspection.