Perhaps, as Mrs McCarthy said, y
ou can have to best rules-based system in the world, or at least think you have the best rules-based
system in the world, but it will never prevent a scandal or fraud if more than two people collude in trying to ensure t
hat some fraudulent activity takes place; no matter whether or not we have a rules-based
system – and remember, they had a rules-based
system in the United States for some time and it did not prevent any
...[+++] of the scandals on that side of the Atlantic, and nor of course will an absolutely principles-based system either.