Economic arguments in support of increases or decreases in accounting and auditing regulation have generally not been supported by empirical evidence as to the magnitude of the costs and benefits. The step-change in the scale of such regulation at Lloyd's between 1982 and 1985 provides evidence which enables us to calculate sufficient of the incremental costs and benefits to show that in this case the benefits to Lloyd's Names, including US Names, clearly exceeded the costs. The calculations do not, however, provide an evaluation of whether the particular style of regulation and form of accounting and auditing change adopted were the most appropriate for Lloyd's, nor of the overall efficiency and effectiveness of the regulatory regime in force. The precise limits that should be set to the continuing expansion of Lloyd's regulation therefore remain problematic pending further investigation.
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