Marmite - the so-called “growing up spread you never grow out of”. So now I have established I’m old enough to remember that I’m fascinated to see principles based legal services regulation described by reference to the salty, yeasty spread!
In many ways regulation is the safety net to keep consumers safe. In a service sector like law principles-based regulation must be the right and the mature way to proceed.
We all know that if you ask 10 lawyers the same question you may well get 10 answers; worse still the skills of Cicero mean that all 10 answers might be “right” - whatever right means. So rules-based or codified regulation of something like law, would, in my opinion, be the equivalent of a badly fitting suit...ok, but it will never quite fit!
And for the record I am a fan of Marmite.
The continued move towards principles-based regulation is the Marmite of the regulatory world. You either love it for the flexibility of interpretation, or hate it because of the inherent lack of certainty.