Challenge to Financial Markets Authority’s proposed “draconian” power

scoop.co.nz Business Desk

Pattrick Smellie

01.12.2010

New Zealand Bankers’ Association concerned over proposal to allow Financial Markets Authority to forcibly take over an individual investor’s legal action in the public interest. Some investors would be mortified at the prospect of becoming the centre of media attention in a test case that would involve them laying out their personal financial affairs, including potentially large investment losses.