Stuff: Minister wrong, says former commissioner

A former Securities Commission member says Commerce Minister Craig Foss is “looking in the wrong direction” in claiming Ross Asset Management has not demonstrated regulatory failure.

David Mayhew, the former Commissioner for Financial Advisers who is now a London-based barrister, said the regime authorising financial advisers – where attention on the Ross collapse has focused – was simply designed to ensure applicants were qualified. The problem was a lack of licensing and oversight.

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