A loose aperture ring isn't any problem, per-se. On this lens, it isn't a structural part of the iris, it's just a mechanical linkage to the real guts.
However, is it really the aperture ring that's loose, or the whole barrel of the lens? Most of the Canon 50mm and wider lenses are a lens barrel that is inserted into the focusing mount, and held on from the back with a threaded ring. If that ring were loose, not only the aperture ring would be loose, so would the front ring, and the entire optical block of the lens. (The aperture ring is rearmost exposed part of the lens mount.)
The ring isn't hard to tighten with a spanner wrench. But some incompetent person may have previously dissasembled the lens, and left out the shim that sets infinity focus correctly. Do check that the lens is focusing accurately.
Hmm. If you focus this lens to 1 meter, the lock ring winds up sticking out the back of the lens. You could put a metal ruler in the two slots and tighten it, if it needs it. So you wouldn't even need a lens spanner.