Discount broker inquiry widens

Wednesday 15 September 2004

The Securities Commission is to launch its own inquiry into the collapse of Access Brokerage, broadening the investigation.

By The Landlord

The watchdog's move on the discount broker, which was last week put into liquidation after a $5 million hole was found in Access client trust funds, coincides with inquiries by the New Zealand Exchange (NZX) and the Serious Fraud Office.

It could be a first step towards changing the law governing NZX.

Securities chairwoman Jane Diplock said the commission would look into Access' banking arrangements, NZX's audit of the firm and any wider systemic issues.

"We're very happy that [NZX] got in there immediately. They've frozen the funds, they've worked with the liquidator to have money released.

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