FMA wins court battle with ANZ over Ross Asset Management info

Fri, 12 Apr 2019

By Jenny Ruth April 12 (BusinessDesk) - The Financial Markets Authority has emerged victorious in a legal battle with ANZ Bank relating to the FMA’s ability to share information about the Ponzi scheme run by Ross Asset Management with that company’s liquidators. ANZ was RAM’s banker and the FMA had obtained information from it using section 25 of the Financial Markets Authority Act that gives it statutory powers to demand such information from anybody. “The FMA, in the course of its investigation, formed the view that ANZ may be liable...

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