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 that 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.