New head for finance super regulator unveiled

Sean Hughes. Photo / Paul Estcourt

An ex-pat Kiwi, who currently works for the Australian regulator is to head up New Zealand's new finance super regulator.

Sean Hughes was this morning revealed as the new chief executive-designate of the Financial Markets Authority.

The 44-year-old will finish up his current role as a senior executive leader, corporations, for the Australian Securities and Investment Commission at the end of the year and will start his new role in early January.

The FMA is expected to become operational by April 1.

Financial Markets Authority establishment board chairman Simon Botherway said Hughes would bring relevant skills and experience across both the regulatory and private sectors.

"His strong knowledge and understanding of financial markets, his track record in enforcement and litigation, and his management experience will be important attributes as the FMA leads the transformation of New Zealand's regulatory environment."

Hughes, who was brought up in Palmerston North and educated in Christchurch, said the first issue he would address was that of investor confidence.

"There is a sense of bewilderment in the investment community as to what went wrong."

Hughes said there was similar confusion among capital market participants.

"We want to grow the confidence on both sides of the equation."

Botherway said it was yet to be decided whether Hughes would be based in either Auckland or Wellington.

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

"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 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.