Discount broker inquiry widens
The watchdog's move on the discount broker, which was last week put into liquidation after a $5 million hole was found in Access client trust funds, coincides with inquiries by the New Zealand Exchange (NZX) and the Serious Fraud Office.
It could be a first step towards changing the law governing NZX.
Securities chairwoman Jane Diplock said the commission would look into Access' banking arrangements, NZX's audit of the firm and any wider systemic issues.
"We're very happy that [NZX] got in there immediately. They've frozen the funds, they've worked with the liquidator to have money released.
Read More - Opens in a new window
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)