At last someone has fingered the trustee regulatory structure. Company registrar Neville Harris in his report on finance company failures notes the lack of appropriate resource and the lateness of moves by trustees in pursuing their obligations.
I hear on radio the Chair of the Trustee Companies Assoc claim that finance companies didn’t supply enough information or misled trustees. He omitted to note that they have a statutory right to demand what they like when they like.
Ironically it is easy to mount an argument that says that the Companies Office – not a regulator at all – has been more effective than any of the regulatory apparatus – simply by doing a competent job. It is that office which has pursued miscreants and prosecuted where necessary.
All of which shows that competent prosecution of existing law on disclosure, reporting and complying with the legislation is far more use than exotic regulatory fantasies such as the trustee regime.