[Weekly Wrap] More questions about Ross
We revealed this week that Ross never had to sit Standard Set C, regarded as the most demanding unit standard (and perhaps most relevant to his failings), because he's a chartered accountant.
It's hard to say if things would have been any different had he been required to sit this standard, but it doesn't do the credibility of the regulatory regime any good. It will be interesting to see what approach the Code Committee takes once the "sunset" period for those given exemptions from certain unit standards expires.
Will all these AFAs have to go back and do these standards in their entirety? One also wonders if the FMA will focus its monitoring on those with some of the attributes of Ross (operating a DIMS, no third-party custodian, exempted from Standard Set C etc).
And as if the financial adviser industry needed more damage to its reputation, it has emerged the FMA is investigating a number of other AFAs who invested their clients with Ross. As Brian Henry said, these advisers will likely be in a worse position than those who recommended finance companies, which at least had prospectuses, investment statements and third-party trustees.
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