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Unfortunately the history of such projects is far from encouraging.

Anyway, the present system works pretty well, even when we complete pariahs who think the CQS scheme is nonsensical are allowed to play.

And do the bright young things who come up with this sort of scheme not realise that most clients (and, I suspect, many solicitors) don't want their situation to be visible to everyone else in the chain? How can they convincingly lie or make excuses or blame someone else when it's all laid bare?

Human nature 1 Technology 0.