RAM Investors Ask Minister to Fix NZ Financial Regulation
RAM Investors Ask Minister to Fix NZ Financial Regulatory System
Investors in the failed Ross Asset Management have written to the Minister of Commerce asking him to address the appalling lack of financial regulation in NZ that has allowed the 170,000+ investors who have been robbed and stripped in recent years, to recover only a tiny fraction of their stolen money.
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.
Regulatory protection overseas is light years ahead. Here in NZ the protection of widows, retired couples and small investors has been apparently ignored.
Fraudsters like David Ross are no longer the problem. The real problem now is the unfair and ineffective NZ regulatory environment, which ensures most unlucky investors are robbed a second time.
A copy of the letter to the Minister of Commerce is attached, or can be viewed at: