A Financial Markets Authority review - which said the regulator was recognised as being capable, credible and professional - has infuriated those caught up in David Ross' Ponzi scheme, and called 'self-serving' by an investor group.
A review by consultancy Oliver Wyman on perspectives from the market regulator's stakeholders was released yesterday.
"The FMA has received wide recognition as a capable, credible and professional regulator after establishing a significantly stronger and improved regulatory framework...,"the executive summary of the stakeholder report said.
"Stakeholders were highly satisfied with the FMA's achievement of a significant cultural turn-around from the Securities Commission through its collaborative, engaged and proactive working style and a significant increase in staff capabilities including the extensive revamping of staff, attraction of good talent and strong leadership and market presence," the report said.
"There is a view of them as the Sheriff on the horse coming into town to clean it up - this is a good starting point," one stakeholder was quoted as saying.