Law firm Chapman Tripp says a Parliamentary select committee inquiry into finance company collapses is not addressing a key area - that of the failure of enforcement.
Despite a number of company collapses, the firm says there have been few prosecutions.
It also questions why regulators did not stop misleading prospectuses from going to market.
Chapman Tripp says the Australian Securities & Investment Commission stopped Bridgecorp from seeking deposits when no New Zealand regulatory agency did the same.
Bridgecorp collapsed owing $459 million to more than 14,000 investors in July 2007.
