Investors 'need to take responsibility'
He told the 2013 Forensic Conference in Auckland yesterday: “I have to say in the sad case of Ross Asset Management many investors were too trusting with their money. They relied on word of mouth recommendations but did little else.. now that's all very easy for me to stand here and say what they should and shouldn't have done and we know that financial markets can be confusing to the unintiated, but Ross does remind us of the need for investors to do their homework and to become more actively involved in their investments…At the end of the day responsibility starts and ends at home - not with Government, not with regulators, not with legislators. You have to take responsibilities for your own financial well-being.”
He said suggestions the FMA was aware of David Ross’s dealings long before the business was raided were “crap”.
Kapiti investment adviser Chris Lee had previously said the FMA should have been on to Ross sooner.
“That Ross sought to manage, virtually alone, with neither peer review nor trutee supervision, funds that once totalled $850 million, is astonishing.”
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