FMA chair steps down
Cameron Brewer, the Minister of Commerce and Consumer Affairs, has accepted an offer of resignation from Craig Stobo as chairman of the Financial Markets Authority (FMA) after an independent review into his conduct.
Brewer says Stobo agrees it’s important the organisation remains fully focused on its core regulatory role “and continues to command the confidence of ministers, regulated entities and stakeholders”.
The independent review, undertaken by Wendy Aldred KC, examined several matters raised by members of the FMA’s board. Its four findings were:
• There was no evidence of an inappropriate relationship between Stobo and a former staff member.
• Stobo acted reasonably in disclosing a governance-related interest and later in agreeing to resign from it, but shouldn’t have delayed it for as long as he did.
• His applications for FMA travel were not inappropriate.
• However, aspects of Stobo’s public commentary didn’t meet the standards of political neutrality expected of the chair of an independent crown entity and regulator.
“It is, therefore, appropriate for Stobo to resign from the role,” adds Brewer. “The FMA’s primary role is promoting and facilitating the development of fair, efficient and transparent financial markets. Confidence in the independence and integrity of the regulator, and in its leadership, is fundamental.
“I thank Stobo for his service. During his time as chair, the FMA has worked through significant change across the financial-services sector and continued work on the development of New Zealand’s financial markets regulatory framework, including engagement with regulated entities and cross sector agencies.
“The government remains committed to a strong, independent financial markets regulator that operates with integrity and maintains the confidence of New Zealanders.”
Steven Bardy continues as acting chair while a process is undertaken to appoint someone to the position on a permanent basis.
