Moving further up the List, Rob Everett, Chief Executive of the Financial Markets Authority, has overseen the strengthening of FMA’s powers since joining the agency in 2014.
From the UK and starting his legal career with Allen & Overy, Rob Everett is formerly a director of regulatory consultancy Promontory Financial Group and prior to that with the Bank of America Merrill Lynch, he has significant international regulatory experience. Working in Merrill Lynch’s legal department for almost10 years gave him a solid grounding in transactional and debt markets experience in Europe and the United States before being appointed head of legal/compliance for the firm’s research division.
Strengthened powers of the FMA following the finance company debacle of 2009 and with changes like the Financial markets Conduct Act have provided significant powers to the agency and its chief. Taking over from the former Securities Commission, the FMA’s role is now more significant and powerful with its chief commanding powers that supersede what his predecessors wielded.
Although criticised in some quarters for his settlement of the Hanover case, returning $18 million to investors who had collectively lost $500 million through the group, it also displays an investor-focused approach and a pragmatic one as well. However, notwithstanding the pragmatism, Rob Everett’s role is a powerful one that will provide significant influence on the shape of business in New Zealand.