Life insurance regulation has become overbearing and destructive in the UK, according to experts at an international industry conference.
The levels of regulation and its effect on employment within the industry were highlighted at an international conference held in Chicago.
International Membership Communications Committee of the Million Dollar Round Table UK chairman Terence O'Halloran says: "There has been a movement from tide-agent to IFA, and huge numbers of IFAs have fallen by the wayside due to the cost of regulation.”
In contrast the insurance industry is expanding in Asia and developing nations. Today, there are only half the number of life insurance firms in the UK than there were ten years ago.