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Ross complaint dismissed

[UPDATED, adds FMA comment] The Financial Advisers Disciplinary Committee (FADC) today dismissed an FMA complaint against former AFA David Ross.

Monday, February 10th 2014, 3:49PM

The convicted fraudster was one of the first four advisers brought before the committee.

But the complaint against him was adjourned at the FADC’s first session last year because criminal charges were pending against him.

He pleaded guilty to eight charges relating to Ross Asset Management and was jailed for more than 10 years.

The FMA had since said it wanted to withdraw its complaint but the FADC said it was not permitted to do so.

Because of that, the FMA said it would provide no evidence to support the complaint. It did not think an FADC ruling would provide any public benefit or punishment beyond what the criminal proceedings had already delivered. "FMA does not consider that it would be appropriate to seek a fine in this matter as FMA considers that any funds that Mr Ross may have should be made available to investors in the course of the receivership."

The FADC has the power to cancel an adviser’s authorisation and fine him or her up to $10,000.

Ross’s authorisation has already been cancelled.

The FADC said today it understood the FMA position and had dismissed the complaint.

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Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.15 4.09 4.49
ANZ Special - 3.65 3.59 3.99
ASB Bank 5.20 4.15 4.09 4.39
ASB Bank Special - 3.65 3.59 3.89
BNZ - Classic - 3.65 ▼3.54 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
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BNZ - TotalMoney 5.30 - - -
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China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
Housing NZ Corp 5.19 ▼4.15 ▼4.09 ▼4.39
HSBC Premier 5.24 3.35 3.35 3.35
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.65 3.85 3.95 3.89
Kiwibank 5.80 4.30 4.34 4.74
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.59 3.99
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.69 4.79 -
Resimac 5.30 4.86 4.14 4.19
Lender Flt 1yr 2yr 3yr
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.69 3.69 3.99
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The Co-operative Bank - Owner Occ 5.15 3.65 3.59 3.99
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