Two of of the new directors are internal promotions
The Financial Markets Authority has made senior appointments within its regulatory leadership team as part of its organisation redesign.
FMA promoted Michael Hewes, formerly head of financial advice, to director of deposit taking, insurance, and advice, and John Horner, who has been acting head of corporate legal since 2022, to director of markets, investors, and reporting. Both Hewes and Horner report to Clare Bolingford, executive director of regulatory delivery.
The authority also recruited Peter Taylor as director of specialist supervision and response, reporting to Paul Gregory, executive director of regulatory response and enforcement.
Hewes, who has been with FMA for seven years, will be responsible for the effective oversight of deposit takers, insurance companies, and financial advisers. He brings to his new role deep financial services industry experience, having previously held senior roles at insurers AIA and Sovereign.
Horner, who has been with the regulator since 2020, has been given the remit for the effective oversight of capital markets, investment management, auditors, and financial reporting. He has extensive knowledge of corporate and financial services law, having been a partner at a Wellington-based boutique law firm for 20 years.
“We completed an extensive search to fill these particular director roles and I am pleased to recognise and promote internal talent,” said Samantha Barrass, FMA CEO. Hewes and Horner “both bring strong industry and regulatory experience to these key strategic positions. As leaders within the FMA they bring a strong commitment to a collaborative and solutions-focused approach to working with industry.”
Barass said Hewes and Horner will lead FMA’s frontline supervision teams “to influence improved standards of conduct and disclosure across New Zealand’s financial services sector.”
Taylor, who has been admitted as a barrister and solicitor in New Zealand, and as a solicitor in England and Wales, brings extensive regulatory and legal experience to FMA.
He has worked at a senior executive level in financial services and competition and economic regulation in New Zealand and overseas. This includes assisting with the establishment of The Business Banking Resolution Service (BBRS) in the UK. He also served as director of legal, enforcement, and policy at the Gibraltar Financial Services Commission.
In his new role, Taylor will lead the specialist supervision and response area, including responsibility for functional teams comprising specialist supervision and perimeter and response.
Taylor “is a high-calibre appointment for the FMA, bringing broad regulatory knowledge and expertise to the complex cases we deal with, he will contribute significantly to our response and enforcement function,” Barrass said.
Hewes started his new role in February, and Horner in March. Taylor is expected to join the FMA in April and will be based in Wellington.
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