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Niko Kloeten
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Ross Asset Management in liquidation

Thursday 6th of December 2012

The order placing RAM into liquidation was made in the High Court in Wellington today and included related companies Bevis Marks Corporation, McIntosh Asset Management and Mercury Asset Management, all of which are in receivership.


The court was advised shareholder resolutions are to be passed today to appoint Fisk and Bridgman as liquidators to four more Ross companies in receivership: Dagger Nominees, Ross Investment Management, Ross Unit Trust Management and United Asset Management.

The first liquidators’ statutory report for all of the above companies will be produced and posted to investors later this week.

Fisk said their appointment as liquidators gives them greater powers to investigate complex transactions and issues, and to distribute assets, which they did not have as receivers.

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All things said are great aspirational goals for a great financial advice industry, it mirrors what both the legislation and the code requires. However, like most things discussed it talks about what's expected not how it's done. The hardest aspect of financial advice today isn't what it is, it is how it is done. The how only comes from those that have done it, the how is only provided with examples. Guidance documents that spell out what's required along side how it it done. We’re still dealing with the same issues we started with in 2021, figuring out the how. And figuring out the how in every advice business is consuming resources that could easily be shortcut by the FMA demonstrating what they are expecting. It's not about “do it this way” its about this is the sorts of things we’re looking for. In the absence of standards and expectations, guesswork prevails. That represents significant risk to FAPs and the result is onerous overcooked advice processes for multiple advice operations and undercooked she’ll be right for single operators focused on getting the work done. Both approaches have potential for harm and as its been said earlier, leaves advisers open to explain they haven't been speeding with the authorities have pulled them over. The advice industry needs guidance on the how we know the what already.
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Who is responsible for notifying policy changes?
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
2 days ago Paul Flood
FMA outlines its latest expectations for advisers
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2 days ago agressively passive