Expert boasts 20 years of finance industry experience
The Financial Markets Authority has appointed Stuart Johnson to the newly created role of chief economist.
Johnson has almost 20 years’ experience as an economist and behavioural science expert within the financial services industry spanning banking, insurance and government regulation. He is relocating from London, where he has been in the role of head of behavioural economics, conduct risk and customer experience at UK bank Aviva. He has also worked for HSBC and KPMG.
In his new role at the FMA, Johnson (pictured above) will lead a team of economists, research specialists, data analysts and consumer insight experts to take forward the FMA’s strategy to become significantly more research-driven, data and intelligence-led.
FMA chief executive Samantha Barrass said this was an exciting appointment for the FMA.
“In Stuart, we have attracted world-class talent with international industry experience and credentials to lead an important new function at the FMA,” Barrass said.
“Stuart’s expertise in behavioural insights and an economist’s analytical mindset will help us to focus our regulatory lens on the right priorities and outcomes. This will make a significant difference to the way we best target our resources towards our goal, to ensure the finance sector is working well for all New Zealanders. I look forward to welcoming Stuart on board in the new year.”
Johnson will join the FMA in early February and will be based in Wellington.
At the end of 2022, the FMA completed a successful consultation on its new organisation structure with the functional teams and senior roles that will be reporting into the enterprise leadership team now confirmed. Senior roles have been advertised, which the FMA said would accelerate the delivery of its strategy as an outcomes-focused regulator based on deeper engagement with the industry.
The FMA also confirmed James Greig, director supervision, had left to take a break over summer before exploring future opportunities in the year ahead. Greig joined in April 2016 as head of supervision before being promoted to ExCo as director of supervision in January 2021.
Barrass acknowledged Greig’s contribution by thanking him for the strong leadership he had shown for the supervision and monitoring functions of the FMA.
“James has been a wonderful and enthusiastic colleague in driving change in the FMA and for the industry. The FMA and our board wish James all the best for the future,” she said.
Clare Bolingford, director of banking and insurance has taken on responsibility for the supervision teams, with support from the broader executive committee, until the new FMA structure comes into effect in early 2023.
The FMA is urging finance advisers to complete licensing now as the cut-off date of March 15 is fast approaching.
As of December 11, 73% of the total number of 1,750 financial advice providers (FAPs) are either operating under or have already applied for a FAP full licence.
“We remind the industry that any remaining FAP transitional licences will expire on March 15, 2023,” an FMA official said.
“We are currently contacting all FAP transitional licence holders to ask what their intentions are and if any assistance might be required. We strongly recommend that transitional FAPs intending to apply for a full licence do so immediately to help ensure their licence can be processed in time for March 15, 2023.”
What do you think of the FMA’s newest appointment? Let us know in the comment section below.
