Elderfield to review asset management sector

Financial Regulator Matthew Elderfield is promising a major review of all asset management companies.

It follows the collapse of the Custom House Capital (CHC) firm in October, which left thousands of investors out of pocket.

A liquidator was appointed to the firm by the High Court after two Central Bank inspectors found "a systemic and deliberate misuse" by CHC of more than €56m of their client's assets and cash.

Mr Elderfield has said he is concerned that such large-scale abuse of investors can go undetected.