Dominion Post: Ross Asset Management failure spurs changes

Comment: Quote in article below:  “The FMA had no intelligence on executive chairman David Ross before his financial adviser authorisation. Little existed in his application to indicate he was a risk.”

Does this seem credible from the FMA, considering the authorities had been getting written warnings about David Ross 3 years ago? Further, the FMA taking his financial adviser application without questioning it has clearly helped lead to the disaster many of us now find ourselves in.

The government has a lot of work to do to restore confidence in the NZ finance markets, and to restore the credibility of the FMA. Statements like this seem to indicate a lack of integrity, judgement and direction.

BEGINS

Dominion Post: Ross Asset Management failure spurs changes
HAMISH RUTHERFORD
Last updated 05:00 10/01/2013

The collapse of suspected Ponzi scheme Ross Asset Management could prompt changes to legislation which treats Kiwis with $500,000 to invest the same as banks or professional investors.

Parliament is expected to pass the Financial Markets Conduct Bill later this year, which, Commerce Minister Craig Foss said, was “critical to restoring investor confidence in New Zealand’s financial markets”.

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