Board of new FMA regulator named

Transpower chairman Mark Verbiest has been appointed to the board of new regulator, the Financial Markets Authority. Photo / supplied

The board of new regulator the Financial Markets Authority (FMA) includes three members of the Securities Commission which it will replace.

They are Simpson Grierson consultant and Transpower chairman Mark Verbiest, Simpson Grierson partner Shelley Cave and Deloitte chief executive Murray Jack.

Commerce Minister Simon Power today also announced the other five members of the board of the FMA, which will be the single market conduct regulator for the financial markets.

They are James Miller, who is a member of the boards of the NZX, Vector and Auckland Airport, NZ Post deputy chairwoman Justine Smyth, financial author and lecturer Mary Holm, corporate adviser Colin Giffney and commercial barrister Michael Webb.

Associate members of the board are Rebecca Eele, who has a background in law, finance and investment, former NZ Shareholders Association chairman Bruce Sheppard and Reserve Bank chairman Arthur Grimes.

The law establishing the FMA is now before Parliament, with the FMA expected to be up and running early next month.

"The FMA is designed to restore the confidence of mum and dad investors in the financial markets by actively and consistently enforcing financial laws," Power said.

The continuity of experience from the outgoing Securities Commission would help smooth the transition to the new regulator.

The appointment was announced earlier of former NZX chairman Simon Allen as FMA chairman and Sean Hughes as chief executive designate.

- NZPA