New head for super regulator

Commerce Minister Simon Power Photo / Mark Mitchell

An expat Kiwi has been given the task of heading up New Zealand's new super market regulator in a bid to restore investor confidence.

Sean Hughes has been appointed to the role of chief executive of the Financial Markets Authority, Commerce Minister Simon Power said today.

Power said Hughes' appointment was a 'key milestone' in the establishment of a new market conduct regulator.

Palmerston North born Hughes is currently the senior executive leader, corporations, for the Australian Securities and Investment Commission (ASIC). He has also held senior banking roles in Australia and practised as a lawyer in Australia, Hong Kong, United Kingdom and New Zealand.

The FMA, the formation of which was announced in April, consolidates the regulatory functions scattered across the Securities Commission, the Government Actuary, the Companies Office, and the NZX.

Its formation was fast-tracked by the Government after investor confidence was damaged following the collapse of finance companies.

It is expected to be up and running by April 1 next year.

"It was clear that New Zealand needed a single market regulator with a culture of visible, proactive, and timely enforcement, and the FMA will deliver that," Power said.

"I'm pleased that the challenge of restoring investor confidence in our financial markets has lured Mr Hughes and his wealth of international experience back home."

Hughes' background in enforcement, litigation and management, combined with his knowledge and understanding of financial markets made him the ideal candidate for the job, Power said.

Meanwhile, the process for recruiting a chair for the FMA is under way, with applications closing on 25 October.

- NZ HERALD ONLINE