Some investments in David Ross' failed business could have been saved if his clients had voiced concerns about their money sooner, says a financial disputes service.
Ross Asset Management (RAM) and some associated companies were placed into receivership this month after investors complained to the Financial Markets Authority.
Receivers PwC have identified around $11.5 million of $449.6 million the Wellington financial adviser was believed to be controlling on behalf of 900 investors and do not expect to discover any more significant assets.
Financial Services Complaints - a disputes resolution scheme that RAM was part of - said yesterday that newly invested funds might have been saved if Ross' concerned clients had spoken up.
"After the initial complaints had been received, we became aware that some investors had been concerned some months earlier about their RAM investments," said FSCL chief executive Susan Taylor.
"The sooner a complaint is received, the sooner action can be taken." It had alerted the FMA as soon as it became aware of problems at RAM.