Call for tougher financial market rules – Good Returns

There are claims new financial markets reforms will do nothing to help investors avoid another David Ross-style ripoff.

Spokesman Bruce Tichbon said: “Financial structures and safeguards in NZ are not sufficiently robust to support a modern economy, and RAM and the many other fraud cases are surely proof of this.  Investor confidence is intolerably low and the size of NZ’s financial markets is seriously small compared to the markets of our trading partners.”

Tichbon said the FMCA was “top-of-the-cliff” legislation that was likely to be ineffectual.

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