Financial Markets Authority gains new members

Three new members have been appointed to the board of the Financial Markets Authority.

Three new members have been appointed to the board of the Financial Markets Authority, which regulates capital markets and financial services in New Zealand.

Campbell Stuart, William Stevens and Mark Todd will join the FMA for terms of three to five years, starting June 8, Commerce Minister Paul Goldsmith said in a statement.

Mr Stuart is a registered chartered accountant with 25 years' experience in stockbroking and funds management. He is a director of Aspiring Asset Management and was previously managing principal at UBS New Zealand. He was on the NZX Disciplinary Committee for nine years and was vice chairman of the NZX prior to corporatisation.

Mr Stevens has nearly 30 years' experience in the stockbroking and investment advisory industry. He has been a director and investment advisor for Craigs Investment Partners since 2001, and was previously a director at Merrill Lynch and a lieutenant commander in the Royal New Zealand Navy. For nine years he was deputy chairman of the New Zealand Markets Disciplinary Tribunal.

Mr Todd is an independent barrister and solicitor with over 20 years' experience in funds management, financial services and insurance regulation. He is a director and co-founder of Anti-Money Laundering Solutions and a member of the Association of Certified Anti-Money Laundering Specialists. He was a partner at Bell Gully for 15 years and advised on the new financial markets legislation. Mr Todd has been a member of Bell Gully's board, is a former director of three related NZSX listed companies and is a director of Westpac Life.

Michael Webb was reappointed to the FMA board for a further year, while James Miller and Justine Smyth have stepped down after four years.

Mr Webb is a commercial barrister specialising in financial markets, banking, insolvency, government and corporate law. He has been a member of the FMA board since May 2011 and was chairman of the Ministerial Task Force on the Regulation of Financial Intermediaries. He was previously a non-executive member and regularly acting chairman of the former Securities Commission. He is also a director in both the private and public sectors.

(BusinessDesk)