Back to the future in FMA's pitch to license custodians in wake of Ponzi failings

Convicted fraudster Barry Kloogh's Ponzi offers some lessons. (Image: NZME)

Fri, 06 Oct 2023

The Financial Markets Authority is recommending policymakers revisit the rejected proposal to include custodians in its licensing regime.The market watchdog’s review into fraudster Barry Kloogh and his Ponzi scheme identified potential law changes it thinks would better protect consumers relating to custodians and passed on its feedback to the Ministry of Business, Innovation and Employment (MBIE).“We have asked MBIE to consider whether the regulatory settings for custodians in New Zealand should be reconsidered, including whether o...

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