Three years ago at AALU’s annual meeting, Tony Gordon sounded the warning bell about when regulators have unlimited power.
On Monday morning at the 2010 AALU Annual Meeting in Washington D.C., Gordon was at it again with Episode II – and it read like a horror movie.
Gordon, former president of LIA and MDRT, knows quite a bit about regulators massing and abusing power, as he witnessed firsthand the destruction of Great Britain’s life insurance industry.
Prior to the creation of the Financial Services Authority – The U.K. equivalent of the SEC – there were about 150,000 insurance advisors in the U.K. There are fewer than 50,000 today. The number of life insurance carriers operating there has dropped off by 60%. The middle class is dangerously underserved as remaining advisors focus almost exclusively on the upper class.