[Weekly Wrap] Ross failure leaves questions

Advisers have been given a heap of new tasks and paper work to fill out all in the name of regulation and protecting the public. From what we see and hear from the FMA and advisers who have had the FMA knocking on their door, advisers are doing a pretty good job.

That view is supported by results from the various disputes resolution schemes. It ain't investment advisers causing trouble.

Then out of the blue we have this boutique fund manager, Ross Asset Management, whom we haven't heard about for years suddenly getting a visit from the FMA.

While it's too early to know exactly what was going on within the firm. It has now effectively been placed in receivership and there has been no word yet from Ross, who is in hospital with some undisclosed alilments.