COMPETITION AMONG STAKEHOLDER GROUPS FOR POLITICAL INFLUENCE OVER BUSINESS REGULATION: THE CASE OF THE UK PENSIONS INDUSTRY

Paul Klumpes

Economic Affairs, 2003, vol. 23, issue 3, 4-10

Abstract: This paper applies a stakeholder perspective to estimate various types of costs (taxes) and benefits (subsidies) affecting stakeholder groups whose constituents are most affected by recent, major reforms to the public regulation of the UK pensions industry. Both direct and indirect subsidies and taxes arising from regulation distinguishes groups representing both sophisticated and vulnerable investors. The analysis suggests that financial intermediaries, and industry regulators, are all effectively subsidised by other stakeholder groups.

Date: 2003
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