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Clients of brokering firm Access Brokerage face a nervous wait in light the recent liquidation of the firm. Initial reports indicate that there is a shortfall in its client trust accounts of some $5 million dollars.
At this stage, there appear to be at least three remedies:
- There is a fidelity fund available of $500,000.
- Legal action can be taken to recover monies against the firm in the event that impropriety is found to have occurred.
- The stock exchange may use its own fund should any shortfall not be recovered.
This case highlights the importance of ensuring that any funds held by brokers are held in your own name.
A special hotline has been set up on 04 496 2887 by NZX for concerned investors.
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