[Weekly Wrap] Who has the responsibility?
Only a couple of weeks ago, the Ross investors group spoke out after Sean Hughes announced he would not be seeking another term at the FMA. They said that was tantamount to admitting that the organisation has let investors down.
Now another of their number, Kapiti man Barry Prince, has made a complaint against the FMA. He said the fact that Ross had AFA status with them was one of the reasons he felt comfortable handing over his money. Following him up once concerns were raised was too late, he said.
The FMA said the first it knew of the complaint was when the media reports surfaced. It did what it could and its hands were tied, a spokesman said, it had to let Ross become an AFA because he met the relevant criteria. As an accountant, not all the normal requirements applied to him. That’s prompted debate among commenters, who weren't all convinced.
It was interesting then, to read Hughes’ comments about the lack of financial literacy in this country. He said people needed to take more responsibility for their investments.
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