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If you want to do it yourself it's really simple, although it may mar your lens finish a bit.
1) On either side of the words "smooth" and "tighten" on the smooth tighten ring are two small screws. Around the rest of the ring are 4 small plugs that cover other screw holes.
2) You can remove the plugs with a needle or very small flat head screwdriver blade. WARNING - chances are you will tear up the plug doing this. Don't do it if you are going to freak about the mar on the finish.
3) Remove the two small screws. Rotate the smooth tighten ring to the tighten side one screw space, and replace the screws (lining them up with the smaller holes in the inside plate).
4) That's it, ring should tighten tightly now. With time the springs and things that hold the ball bearings down inside the ring wear a bit, which is why they made this so easy to do. If the plugs survived removal you can replace them in the empty holes. No glue needed. If not you can close the holes with a tiny drop of paint or glue to make sure water doesn't get inside the ring.