A Four-Axis Trustworthiness Benchmark for LLM-as-Judge in Principle-Based Regulation

Principle-based regulation, with evaluative standards such as "fair, clear, and not misleading" or "deliver good outcomes", cannot be reduced to binary predicates, and LLM-as-judge is increasingly used as the substitute. Our position is that any such judge must be evaluated on four axes: accuracy, paraphrase robustness, adversarial robustness, and calibration. We release Principle-Bench, 168 cryptoasset financial-promotion scenarios mapped to two UK FCA principles, with paraphrase, adversarial keyword-stuffing, and boundary perturbations authored under a pre-registered rubric; the first benchmark covering all four axes for principle-based regulation. We also introduce Ceca (Calibrated Exemplar-Cluster Assessment): a calibrated, auditable assessor that emits exact per-exemplar counterfactual attributions. Across keyword counting, three sentence-transformer embedders, an open-weight LLM-judge, and a calibrated cascade, no method dominates all four axes. A 120B LLM-judge, strongest on benign inputs, loses 47 accuracy points (0.74 to 0.27) on keyword-stuffed Consumer Duty inputs: "compliance theatre." A second judge from a different model family agrees only at Cohen's kappa = 0.16 on that split, localising the failure to the model rather than the corpus. Any deployment-grade LLM-judge for principle-based regulation must report per-principle adversarial deception and post-hoc calibration alongside aggregate accuracy.