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Rob Everett, former UK consultant named new CEO of FMA

Rob Everett, a UK-based regulatory consultant and former investment banker, has been named chief executive of the Financial Markets Authority, replacing Sean Hughes.

Everett, 45, will take up the position on Feb. 3 and FMA head of legal Liam Mason will be acting chief when Hughes departs on Dec. 17, chairman Simon Allen said in a statement.

Everett was most recently a director in the UK of Promontory Financial Group, a global regulatory consulting group, the FMA said. Prior to that he was at Bank of America Merrill Lynch for 17 years, including as chief operating officer for Europe, the Middle East & Africa, general counsel, head of legal and compliance, and investment banking in the Asia Pacific region.

Allen said Everett will lead the FMA through the rollout of the Financial Markets Conduct Act.

Everett "has a wealth of experience in law and compliance having specialised in capital markets and corporate finance," Allen said. He brings to the FMA "a truly global perspective on financial markets and regulation and he will be a great asset to FMA."

Everett has a Bachelor of Arts (Hons) and a Master of Arts in Law from Cambridge University. He is married to a New Zealander and has three children, the FMA said.


Comments and questions

No one in our back yard qualified?? Interesting that the privy council was ditched for exactly the opposite rationale which were lauded as in NZ's best interests by those that know best!

Seems to have the creds, Can only hope he is not as smarmy as Hughes. One can only guess how much a man with his credentials costs and again hope its all worth it. The problem with a body like the FMA is start to think its bigger than the industry it is meant to help. Whilst its role is governance for the people it should be working with it licensees to ensure best practice is the norm, without it being all encompassing.

International experience is fine and hopefully brings with it a realisation that over zealous regulators are stopping legitimate business. If he is the bring a sledge hammer to fix a 0.0001 % problem and impose costs on the rest of the industry, preventing appropriate legitimate business then he will be a disaster that will hold NZ back in economic performance in the same way that the UK financial services industry has become a overly regulated clumsy handbrake on the UK economy.

If on the other hand he is commercially pragmatic he could be very good. Either way the new Sherrif doesnt need guns, he needs to walk down the middle of the road and get to know all the shopkeepers, identify the real crims and make sure he has his own sherrifs office populated with competent new thinkers not the current team of recycled has beens.