Financial Markets Authority (FMA) - Board member
2025
About the Financial Markets Authority
The Financial Markets Authority (FMA) is an independent Crown entity under the Crown Entities Act 2004,
established to carry out specific functions under the Financial Markets Authority Act 2011. The FMA's duty is to
promote and facilitate the development of fair, efficient, and transparent financial markets; and to promote the
confident and informed participation of businesses, investors, and consumers in the financial marke 1982
ts.
Financial Markets Authority Board
The Financial Markets Authority Board is the governing body of FMA. The Board’s focus is o Act
n the strategic,
financial risk and regulatory issues that determine the overal success of FMA. Th
e FMA website has further
information about the FMA and the Board.
The Financial Markets Authority is a Crown entity
The Crown Entities Act 2004 provides a framework for Crown entity governance and accountability, including
responsibilities of board members, disclosure of interests, and the role of Ministers. It is available at
http://www.legislation.govt.nz.
The Minister for Commerce and Consumer Affairs is the responsib Information
le Minister for the FMA. Under the Crown
Entities Act, the responsible Minister has powers with regard to all entities on matters of strategic direction,
targets, funding, performance, reporting and reviews.
Further information on how the relationships betw
Official
een Crown entities, ministers, and departments work in
practice can be found on the
Public Service Commission’s website.
Member responsibilities
the
Col ective and individual duties of FMA members
The FMA Board provides gove under
rnance for the organisation, and Board members are col ectively responsible for:
• setting and monitoring the strategic direction of the FMA
• taking decisions that it has reserved for itself under the delegations policy
• appointing a chief executive
• monitoring the performance of the FMA and its chief executive
• maintaining appropriate relationships with the Minister, Parliament, the Ministry, and the public
• c Released
omplying with the Financial Markets Authority Act and the Crown Entities Act.
• setting tone and culture of the organisation
Membership of the Board
The FMA Board comprises between five and nine members, and no more than five associate members, in accordance
with the Financial Markets Authority Act. The Chair and Board members are appointed by the Governor-General on
the recommendation of the responsible Minister. The term of appointment may be for up to five years or any shorter
period.
Financial Markets Authority (FMA) - Board member
Time commitment and remuneration
The full Board meets in person approximately eight times each year, mainly in Auckland. Board members also
participate in regular Committee and Division meetings throughout the year, either in person or online.
Remuneration for Board members is determined by the Remuneration Authority and is personal to the individual.
A determination of remuneration wil be made on an appointment.
Person specifications
Specific skil s required
Candidates are sought who can provide the following specific and foundational skills and experience 1982
:
Role one – Customer perspectives: financial markets - banking, insurance, consumer credit
• Deep experience advocating for, or representing customer interests (in particular, inAct
retail financial markets)
Role two – Regulatory systems experience
• Extensive knowledge and experience of the effective design and implementation of regulatory frameworks,
in particular, in the financial markets (may have a legal background)
Foundational skil s
• Extensive governance experience at board level
• Experience or interest in regulatory settings and outcomes
• Experience and an understanding of public accountability Information
and the relationships between Government and
a Crown entity.
• Substantive experience in capital and financial markets.
• Likely to hold qualifications in Law, AccountOfficial
ing, Economics or Finance.
• Has demonstrated or can demonstrate an understanding of the public interest.
The successful appointees will likely have a the
practical understanding of the operation of financial institutions and
implementing conduct-related change within those institutions. This wil likely have been obtained through
previously undertaking one or more senior positions in such an institution.
Candidates may be able to ho under
ld a role with a regulated financial institution, although this will depend on the nature
of that role and the ability to manage any conflicts that arise.
Additional information
For enquiries about the position, email:
[email address]
Released
Financial Markets Authority (FMA) – Deputy Chair
2025
About the Financial Markets Authority
The Financial Markets Authority (FMA) is an independent Crown entity under the Crown Entities Act 2004,
established to carry out specific functions under the Financial Markets Authority Act 2011. The FMA's duty is to
promote and facilitate the development of fair, efficient, and transparent financial markets; and to promote the
confident and informed participation of businesses, investors, and consumers in the financial marke 1982
ts.
Financial Markets Authority Board
The Financial Markets Authority Board is the governing body of FMA. The Board’s focus is o Act
n the strategic,
financial risk and regulatory issues that determine the overal success of FMA. Th
e FMA website has further
information about the FMA and the Board.
The Financial Markets Authority is a Crown entity
The Crown Entities Act 2004 provides a framework for Crown entity governance and accountability, including
responsibilities of board members, disclosure of interests, and the role of Ministers. It is available at
http://www.legislation.govt.nz. The Minister for Commerce and Consumer Affairs is the responsib Information
le Minister for the FMA. Under the Crown
Entities Act, the responsible Minister has powers with regard to all entities on matters of strategic direction,
targets, funding, performance, reporting and reviews.
Further information on how the relationships betw
Official
een Crown entities, ministers, and departments work in
practice can be found on the
Public Service Commission’s website.
Deputy Chair responsibilities
the
Col ective and individual duties of FMA members
The Deputy Chair will have theunder
following specific responsibilities in addition to their existing role as a Board Member
(as defined by the Crown Entities Act 2004 and the FMA Act 2011):
•
Act as Chair in their absence: Be fully prepared to assume the powers and duties of the Chair, including
leading board meetings and representing the FMA in external engagements, when the Chair is unavailable.
•
Support the Chair: Assist the Chair in fulfilling their mandate, which includes setting meeting agendas,
ensuring board effectiveness, and maintaining strong relationships with the Minister, Parliament, MBIE, and
t Released
he public.
•
Succession Planning: Actively develop the necessary skil s and experience to confidently be considered for
the Chair role as part of the board's long-term succession planning strategy.
•
Provide Leadership & Mentorship: Help foster a positive and collaborative board culture, encouraging
participation and consensus-building among members with diverse perspectives.
•
Lead Special Projects: Take ownership of specific strategic or functional areas of importance or lead special
projects/committees as assigned by the Chair to share the workload and demonstrate leadership
capabilities.
Financial Markets Authority (FMA) – Deputy Chair
•
Enhance Governance: Work with the Chair to ensure the board's governance framework remains fit for
purpose, including ongoing evaluation and review of board performance.
Membership of the Board
The FMA Board comprises between five and nine members, and no more than five associate members, in accordance
with the Financial Markets Authority Act. The Chair and Board members are appointed by the Governor-General on
the recommendation of the responsible Minister. The term of appointment may be for up to five years or any shorter
period.
Time commitment and remuneration
The full Board meets in person approximately eight times each year, mainly in Auckland. Board me 1982
mbers also
participate in regular Committee and Division meetings throughout the year, either in person or online.
Remuneration for Board members is determined by the Remuneration Authority and is pers Act
onal to the individual.
A determination of remuneration wil be made on an appointment.
Person specifications
Specific skil s required
Candidates are sought who can provide the following specific and foundational skills and experience:
The appointee to the Deputy Chair role will meet all existing personInformation
specifications for a standard FMA Board member
(available on the
MBIE website) and will ideally demonstrate the following additional attributes:
•
Proven Leadership: Demonstrated experience in a leadership capacity, such as chairing a committee or
working group, where they have guided discussions and achieved outcomes.
•
Succession Potential: Possesses clear pote Official
ntial and a desire to take on the full responsibilities of the Chair
role in the future, with a focus on continuous learning and skil development.
•
Strong Communication Skil s: Exce the
llent communication and interpersonal skills to effectively mediate
discussions, build consensus, and act as a central point of communication when needed.
•
Objectivity and Integrity: An ability to remain objective and neutral when standing in as Chair and to uphold
the highest ethical standards.
•
Deep FMA/Sector Kn under
owledge: An in-depth understanding of the FMA's operations, regulatory approach,
and the broader New Zealand financial markets landscape, likely gained from their tenure as an FMA board
member or extensive sector experience.
•
Public Accountability Understanding: A strong understanding of public accountability and the unique
relationships between a Crown entity, the responsible Minister, and the monitoring Ministry (MBIE).
The successful appointee will likely have a practical understanding of the operation of financial institutions and
impleme Released
nting conduct-related change within those institutions. This wil likely have been obtained through
previously undertaking one or more senior positions in such an institution.
Candidates may be able to hold a role with a regulated financial institution, although this will depend on the nature
of that role and the ability to manage any conflicts that arise.
Additional information
For enquiries about the position, email:
[email address]
Philip Doak
s 9(2)(a)
Dear Mr Doak
1982
Appointment as member of the Financial Markets Authority
It is my pleasure to inform you that the Governor-General has appointed y
Act
ou as member of
the Financial Markets Authority for a term commencing on 1 January 2026 and expiring on
31 December 2030. Attached is your notice of appointment. Confirmation of your
appointment wil be published in the
New Zealand Gazette.
Legislative framework of the appointment
Your appointment is made under the Crown Entities Act 2004 (the Act). I encourage you to
familiarise yourself with the following provisions in the Information
Act relating to the term of office of
members (section 32), removal of members (section 39), resignation of members (section
44), the collective duties of the Board (sections 49–52), individual duties of members
(sections 53–57) and the disclosure of interest rules (sections 62–72).
Term of office
Section 32(3) relates to the term of offic Official
e of members of a statutory entity. Under this
section, you can continue as a member despite the expiry of your term until you are
reappointed, your successor is the
appointed, or you are informed in writing that you are not to
be reappointed and that no successor is to be appointed at that time.
Removal and resignation
Section 39 states that the Governor-General may remove a member at any time for just
cause, on my advic under
e, after consultation with the Attorney-General. Just cause, as defined i
under the Official Information Act 1982 n
section 40, includes misconduct, inability to perform the functions of office, neglect of duty,
and breach of any of the collective duties of the Board or the individual duties of members
(depending on the seriousness of the breach).
Section 44 of the Act states that a member may resign from office by writ en notice to the
responsible Minister (with a copy to the entity) signed by the member.
Released
Released
Collective and individual duties
As a member of the Financial Markets Authority, you are required to comply with the
collective duties of the Board and individual duties of members as set out in the Act.
The individual duties of the Board’s members are to:
•
comply with the Financial Markets Authority Act 2011 and the Crown Entities Act
•
act with honesty and integrity
•
act in good faith and not at the expense of the interests of the Financial Markets Authority
•
act with reasonable care, diligence and skil
•
not disclose, or make use of information, that would otherwise not be available to you.
Disclosure of interests
In accordance with the disclosure of interest rules under sections 62–72 of the Act, I
encourage you to continually disclose your interests in matters relating to the Financial
Markets Authority to ensure that any perceived, potential or actual conflicts are managed
appropriately during your term.
Remuneration
Your remuneration is determined by the Remuneration Authority. The Remuneration
Authority wil soon inform you of your remuneration as member of the Financial Markets
Authority.
Acknowledgment of the Appointment
I would be grateful if you could formally acknowledge your appointment by signing t 1982
he
attached letter and returning it to the Ministry of Business, Innovation and EmAct
ployment, who
wil record it on my behalf.
A copy of this letter and your notice of appointment have been provided to the Chief
Executive of the Financial Markets Authority, the Chair of the Financial Markets Authority
and the Chair of the Remuneration Authority. I wish you well for your term on the Financial
Markets Authority.
Yours sincerely
Information
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
cc:
Appointments and Governance
Ministry of Business, Innovati
Official
on and Employment
Email: boardappointment the
[email address]
cc:
Craig Stobo
Chair, Financial Markets Authority
der the Official Information Act 1982
Email:
under
s 9(2)(a)
cc:
Samantha Barrass
Chief Executive, Financial Markets Authority
Email: [email address]
cc:
Geoffrey Summers
Chair, Remune
Release ration Authority
Released
Email: [email address]
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
Parliament Buildings
Wellington 6160
Dear Minister
I acknowledge receipt of your letter advising me of my appointment as member of the
Financial Markets Authority for a term of office commencing on 1 January 2026
1982
and expiring
on 31 December 2030.
I wil ensure that I continue to keep myself fully familiar with the obligations Act
and
responsibilities of the position. I am aware of the need to disclose and manage any conflicts
of interest as they arise.
Signed:
Name:
Philip Doak
Information
Date:
Return this form to boardappointments Official
@mbie.govt.nz.
the
under
under the Official Information Act 1982
Released
Released
Alastair Hercus
s 9(2)(a)
Dear Mr Hercus
1982
Appointment as member of the Financial Markets Authority
It is my pleasure to inform you that the Governor-General has appointed y
Act
ou as member of
the Financial Markets Authority for a term commencing on 1 January 2026 and expiring on
31 December 2030. Attached is your notice of appointment. Confirmation of your
appointment wil be published in the
New Zealand Gazette.
Legislative framework of the appointment
Your appointment is made under the Crown Entities Act 2004 (the Act). I encourage you to
familiarise yourself with the following provisions in the Information
Act relating to the term of office of
members (section 32), removal of members (section 39), resignation of members (section
44), the collective duties of the Board (sections 49–52), individual duties of members
(sections 53–57) and the disclosure of interest rules (sections 62–72).
Term of office
Section 32(3) relates to the term of offic Official
e of members of a statutory entity. Under this
section, you can continue as a member despite the expiry of your term until you are
reappointed, your successor is the
appointed, or you are informed in writing that you are not to
be reappointed and that no successor is to be appointed at that time.
Removal and resignation
Section 39 states that the Governor-General may remove a member at any time for just
cause, on my advic under
e, after consultation with the Attorney-General. Just cause, as defined i
under the Official Information Act 1982 n
section 40, includes misconduct, inability to perform the functions of office, neglect of duty,
and breach of any of the collective duties of the Board or the individual duties of members
(depending on the seriousness of the breach).
Section 44 of the Act states that a member may resign from office by writ en notice to the
responsible Minister (with a copy to the entity) signed by the member.
Released
Released
Collective and individual duties
As a member of the Financial Markets Authority, you are required to comply with the
collective duties of the Board and individual duties of members as set out in the Act.
The individual duties of the Board’s members are to:
•
comply with the Financial Markets Authority Act 2011 and the Crown Entities Act
•
act with honesty and integrity
•
act in good faith and not at the expense of the interests of the Financial Markets Authority
•
act with reasonable care, diligence and skil
•
not disclose, or make use of information, that would otherwise not be available to you.
Disclosure of interests
In accordance with the disclosure of interest rules under sections 62–72 of the Act, I
encourage you to continually disclose your interests in matters relating to the Financial
Markets Authority to ensure that any perceived, potential or actual conflicts are managed
appropriately during your term.
Remuneration
Your remuneration is determined by the Remuneration Authority. The Remuneration
Authority wil soon inform you of your remuneration as member of the Financial Markets
Authority.
Acknowledgment of the Appointment
I would be grateful if you could formally acknowledge your appointment by signing t 1982
he
attached letter and returning it to the Ministry of Business, Innovation and EmAct
ployment, who
wil record it on my behalf.
A copy of this letter and your notice of appointment have been provided to the Chief
Executive of the Financial Markets Authority, the Chair of the Financial Markets Authority
and the Chair of the Remuneration Authority. I wish you well for your term on the Financial
Markets Authority.
Yours sincerely
Information
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
cc:
Appointments and Governance
Ministry of Business, Innovati
Official
on and Employment
Email: boardappointment the
[email address]
cc:
Craig Stobo
Chair, Financial Markets Authority
der the Official Information Act 1982
Email:
under
s 9(2)(a)
cc:
Samantha Barrass
Chief Executive, Financial Markets Authority
Email: [email address]
cc:
Geoffrey Summers
Chair, Remune
Release ration Authority
Released
Email: [email address]
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
Parliament Buildings
Wellington 6160
Dear Minister
I acknowledge receipt of your letter advising me of my appointment as member of the
Financial Markets Authority for a term of office commencing on 1 January 2026 and expiring
on 31 December 2030.
I wil ensure that I continue to keep myself fully familiar with the obligations and
responsibilities of the position. I am aware of the need to disclose and manage any conflicts
of interest as they arise.
Signed:
Name:
Alastair Hercus
Date:
Return this form to [email address].
under the Official Information Act 1982
under the Official Information Act 1982
Released
Released
Mr Steven Bardy
s 9(2)(a)
1982
Dear Mr Bardy
Act
Appointment as Deputy Chair of the Financial Markets Authority
It is my pleasure to inform you that the Governor-General has appointed you as Deputy
Chair of the Financial Markets Authority for a term commencing on from appointment and
expiring on 28 February 2027. Attached is your
Notice of Appointment. On your acceptance,
confirmation of your appointment wil be published in t Information
he
New Zealand Gazette.
Legislative framework of the appointment
Your appointment is made under the Crown Entities Act 2004 (the Act). I encourage you to
familiarise yourself with the following provisions in the Act relating to the term of office of
members (section 32), removal of mem Official
bers (section 39), resignation of members (section
44), the collective duties of the Board (sections 49–52), individual duties of members
(sections 53–57) and the disclosure of interest rules (sections 62–72).
Term of office
Section 32(3) relates to the term the
of office of members of a statutory entity. Under this
section, you can continue as a member despite the expiry of your term until you are
reappointed, your successor is appointed, or you are informed in writing that you are not to
be reappointed, and under
that no successor is to be appointed at that time.
under the Official Information Act 1982
Removal and resignation
Section 39 states that the Governor-General may remove a member at any time for just
cause, on my advice, after consultation with the Attorney-General. Just cause, as defined in
section 40, includes misconduct, inability to perform the functions of office, neglect of duty,
and breach of any of the collective duties of the Board or the individual duties of members
Released
( Released
depending on the seriousness of the breach).
Section 44 of the Act states that a member may resign from office by writ en notice to the
responsible Minister (with a copy to the entity) signed by the member.
Collective and individual duties
As a member of the Financial Markets Authority, you are required to comply with the
collective duties of the Board and individual duties of members as set out in the Act.
The individual duties of the Board’s members are to:
• comply with the Financial Markets Authority Act 2011 and the Crown Entities Act
• act with honesty and integrity
• act in good faith and not at the expense of the interests of the Financial Markets
Authority
• act with reasonable care, diligence and skill, and
• not disclose, or make use of information, that would otherwise not be available to you.
Disclosure of interests
In accordance with the disclosure of interest rules under sections 62–72 of the Act, I
encourage you to continually disclose your interests in matters relating to the Financial
Markets Authority to ensure that any perceived, potential or actual conflicts are m
1982
anaged
appropriately during your term.
Remuneration
Your remuneration is determined by the Remuneration Authority. The Rem Act
uneration
Authority wil soon inform you of your remuneration as member of the Financial Markets
Authority.
Acknowledgment of the Appointment
I would be grateful if you could formally acknowledge your appointment by signing the
attached letter and returning it to the Ministry of Business, Innovation and Employment, who
wil record it on my behalf (email: [email address]).
A copy of this letter and your notice of appointment
Information
have been provided to the Chief
Executive of the Financial Markets Authority and the Chair of the Remuneration Authority. I
wish you well for your term on the Financial Markets Authority.
Yours sincerely
Official
the
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
encl
Acknowledgem under
ent of appointment
under the Official Information Act 1982
Position description
Notice of appointment
cc
Appointments and Governance
Ministry of Business, Innovation and Employment
Email: [email address]
Samantha Barrass, Chief Executive
Released
Released
Financial Markets Authority
Email: [email address]
Geoffrey Summers, Chair
Remuneration Authority
Email: [email address]
Acknowledgement of appointment
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
Parliament Buildings
Wellington 6160
Dear Minister
1982
I acknowledge receipt of your letter advising me of my appointment as mem Act
ber and Deputy
Chair of the Financial Markets Authority for a term of office commencing on 23 December
2025 and expiring on 28 February 2027.
I wil ensure that I continue to keep myself fully familiar with the obligations and
responsibilities of the position. I am aware of the need to disclose and manage any conflicts
of interest as they arise.
Signed:
Information
Name:
Steven Bardy
Date:
Official
Please return this form to boar the
[email address].
under
under the Official Information Act 1982
Released
Released
Christopher Swasbrook
s 9(2)(a)
1982
Dear Mr Swasbrook
Appointment as member of the Financial Markets Authority
Act
It is my pleasure to inform you that the Governor-General has appointed you as member of
the Financial Markets Authority for a term commencing on 23 December 2025 and expiring
on 22 December 2030. Attached is your
Notice of Appointment. On your acceptance,
confirmation of your appointment wil be published in the
New Zealand Gazette.
Legislative framework of the appointment
Your appointment is made under the Crown Entities A Information
ct 2004 (the Act). I encourage you to
familiarise yourself with the following provisions in the Act relating to the term of office of
members (section 32), removal of members (section 39), resignation of members (section
44), the collective duties of the Board (sections 49–52), individual duties of members
(sections 53–57) and the disclosure of interest rules (sections 62–72).
Term of office
Section 32(3) relates to the term of offic Official
e of members of a statutory entity. Under this
section, you can continue as a mthe
ember despite the expiry of your term until you are
reappointed, your successor is appointed, or you are informed in writing that you are not to
be reappointed, and that no successor is to be appointed at that time.
Removal and resignation
Section 39 states t under
hat the Governor-General may remove a member at any time for just
under the Official Information Act 1982
cause, on my advice, after consultation with the Attorney-General. Just cause, as defined in
section 40, includes misconduct, inability to perform the functions of office, neglect of duty,
and breach of any of the collective duties of the Board or the individual duties of members
(depending on the seriousness of the breach).
Section 44 of the Act states that a member may resign from office by writ en notice to the
Released
r Released
esponsible Minister (with a copy to the entity) signed by the member.
Collective and individual duties
As a member of the Financial Markets Authority, you are required to comply with the
collective duties of the Board and individual duties of members as set out in the Act.
The individual duties of the Board’s members are to:
• comply with the Financial Markets Authority Act 2011 and the Crown Entities Act
• act with honesty and integrity
• act in good faith and not at the expense of the interests of the Financial Markets
Authority
• act with reasonable care, diligence and skil
• not disclose, or make use of information, that would otherwise not be available to you.
Disclosure of interests
In accordance with the disclosure of interest rules under sections 62–72 of the Act, I
encourage you to continually disclose your interests in matters relating to the Financial
Markets Authority to ensure that any perceived, potential or actual conflicts are m
1982
anaged
appropriately during your term.
Remuneration
Your remuneration is determined by the Remuneration Authority. The Rem Act
uneration
Authority wil soon inform you of your remuneration as member of the Financial Markets
Authority.
Acknowledgment of the Appointment
I would be grateful if you could formally acknowledge your appointment by signing the
attached letter and returning it to the Ministry of Business, Innovation and Employment, who
wil record it on my behalf.
A copy of this letter and your notice of appointment
Information
have been provided to the Chief
Executive of the Financial Markets Authority and the Chair of the Remuneration Authority. I
wish you well for your term on the Financial Markets Authority.
Yours sincerely
Official
the
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
encl
Acknowledgem under
ent of appointment
under the Official Information Act 1982
Position description
cc
Appointments and Governance
Ministry of Business, Innovation and Employment
Email: [email address]
Samantha Barrass, Chief Executive
Financial Markets Authority
Released
Released
Email: [email address]
Geoffrey Summers, Chair
Remuneration Authority
Email: [email address]
Acknowledgement of appointment
Hon Scott Simpson
Minister of Commerce and Consumer Affairs
Parliament Buildings
Wellington 6160
Dear Minister
1982
I acknowledge receipt of your letter advising me of my appointment as mem Act
ber of the
Financial Markets Authority for a term of office commencing on 23 December 2025 and
expiring on 22 December 2030.
I wil ensure that I continue to keep myself fully familiar with the obligations and
responsibilities of the position. I am aware of the need to disclose and manage any conflicts
of interest as they arise.
Signed:
Information
Name:
Christopher Swasbrook
Date:
Official
Please return this form to boar the
[email address].
under
under the Official Information Act 1982
Released
Released
Document Outline
