This is a tragic story of “if it sounds too good to be true it probably is”. The PwC report is less than appealing to any of those investors who are learning through the media that they really have nothing left.
If you are a client of DecisionMakers I would like you to be assured that the steps we take ensure that your investments are HELD as safely as we can possibly make it. Please read below and know that we work for you and will do our upmost to ensure that you will not suffer such a predictable and tragic loss such as this.
If you wish to read the full article from the Financial Markets Authority into the current status of Ross Asset Management click here.
|Feature||How fraud is minimised|
|Your money is held in a reputable custodial system that is operated by Aegis (Investment Custodial Services Limited), owned by the ASB Bank, or Oneanswer, owned by First NZ Capital Ltd.
||I do not hold your money so cannot manipulate the values or abscond with it|
|Money withdrawn from the wrap platform can only be paid into your nominated bank account||I do not have any access to your nominated bank account. I cannot withdraw any money and siphon to an account of my choice|
|The custodian is subject to strict compliance standards and is externally audited||The external auditor would uncover any funds that have incorrect values ascribed to them by the custodian, plus uncover any unlawful transactions|
|The physical buying and selling of securities is undertaken via licensed share brokers who are subject to separate external compliance checks.||There are multiple checks and balances and stock exchange rules require prescribed behaviour and audit that would quickly uncover errant activity.|
|The value subscribed to each custodial security is checked daily by the custodian and is not a figure that I can insert||I cannot manipulate the reported values|
|All valuation reports are generated from within the wrap platform||The calculations and values within the reports are not created by me. These are undertaken by the platform and custodian|
|The majority of your investments are in managed funds which have their own custodian and auditor and the unit prices are checked by the research houses.||There are multiple external checks and balances to ensure the number of units held are accurate and that the unit price is correct.|
|Any additional contributions to the investments are paid directly to the custodian correct.||No investment monies are paid to my bank account. The only money we receive is that legitimately authorised by you to be deducted by the custodian from your account and paid to me as adviser fees.|
|The wrap platform will send directly to you an annual transaction report.||This will enable you to double check to see if there have been any unauthorised transactions|