- Hon Andrew Bayly
Commerce and Consumer Affairs Minister has today announced three new appointments and one reappointment to the Financial Markets Authority (FMA) board.
Tracey Berry, Nicholas Hegan and Mariette van Ryn have been appointed for a five-year term ending in August 2029, while Chris Swasbrook, who has served as a board member since April 2019, has been reappointed. This is in addition to Craig Stobo who was appointed as chair earlier this year in May.
"The Government is focused on stimulating our financial markets and creating opportunities for competition, while ensuring there is well functioning regulation and good oversight.
"The FMA is the primary financial conduct regulator, responsible for ensuring our financial markets are fair, transparent and efficient. Its work gives people the confidence to invest in New Zealand and grow private enterprise.
"With backgrounds spanning banking, financial services, law, KiwiSaver and insurance, the new appointments bring significant commercial acumen and industry experience to the FMA board.
"These appointments follow recently announced changes to clarify financial regulation. Regulation of consumer lending will transfer from the Commerce Commission to the FMA, and the FMA will be given a stronger role in protecting consumer interests when a licensed firm changes owners. New onsite inspection powers will also help the FMA to proactively monitor market conduct of firms.
"These new appointments and changes will build the FMA's capability and ensure it is fully equipped to be the leading conduct regulator across all financial services."
