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Securities Commission Couldn't Prevent Failures - Chairwoman

Contributor:
Fuseworks Media
Fuseworks Media

Wellington, Aug 13 NZPA - Securities Commission chairwoman Jane Diplock said the organisation could not have prevented a series of finance company failures and it was not its job to do that.

Finance companies like Bridgecorp, Lombard Finance and Nathans Finance were among a series that collapsed over the past year.

"We had no power to prevent these, neither is it our job to make investment bullet proof: risk is inherent in any investment and cannot be removed," she wrote in this year's annual report.

"Some collapses though, raised questions about directors' behaviour."

She said the commission was committed to encouraging good conduct.

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