July 30, 2010
To whom it may concern:
I've been in the financial industry for almost 30 years. I am series 7 and 63 licenced as well as life and variable annuitiy licensed.
I find that any additional regulation is completely unnecessary. What needs to happen is the proper implementation of supervison of the current legal structure during the investigation and auditing procedures. More regulation would not have saved investors from the Bernie Madoff debachle. Proper audits and follow through would have. To merely have more meaningless, crushing regulation would have a sever detriment to my clients and myself.
We've had internal audits completed recently by Raymond James Financial. A few minor areas of improvement were suggested which we implemented immediately. We also just completed a state (Delaware) audit. A letter was just issued to us by the state auditor giving us a very good report with no exceptions what so ever
These audits are disruptive enough to our business day(s) and makes our staff lose focus on their normal day to day activities of serving our clients.
I'm all in favor of regulating our industry...just don't over regulate it as it serves no one.
Frederick J. Dawson, ChFC, CLU