FMA Appoints Three New Directors Within Regulatory Leadership Team

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko - today confirmed it has substantially completed senior appointments as part of its organisation redesign. Three directors have been appointed to new roles in the strategic leadership cohort:

• Michael Hewes - Director – Deposit Taking, Insurance and Advice
• John Horner - Director – Markets, Investors and Reporting. Mr Hewes and Mr Horner report to Clare Bolingford, Executive Director, Regulatory Delivery
• Peter Taylor – Director Specialist Supervision and Response, reporting to Paul Gregory, Executive Director, Regulatory Response and Enforcement.

Two of these appointments are internal promotions. Mr Hewes, Director – Deposit Taking, Insurance and Advice, has been with the FMA for seven years, most recently as Head of Financial Advice and previously Manager, Supervision; while Mr Horner, Director – Markets, Investors and Reporting, joined the regulator in October 2020 as a Senior Solicitor and has been Acting Head of Corporate Legal, since 2022.

Mr Hewes will be responsible for the effective oversight of deposit takers, insurance companies and financial advisers. He has deep financial services industry experience, having previously held senior roles at insurers AIA and Sovereign. Mr Hewes has a Post Graduate Diploma in Commerce from Lincoln University and a Bachelor of Arts from the University of Canterbury.

Mr Horner will be responsible for the effective oversight of capital markets, investment management, auditors and financial reporting. He has extensive knowledge of corporate and financial services law. Prior to the FMA, Mr Horner was a Partner at Wellington-based boutique law firm Quigg Partners for 20 years. He has a Master of Laws from Victoria University of Wellington and a Bachelor of Laws from the University of Canterbury.

Samantha Barrass, FMA Chief Executive, said: “We completed an extensive search to fill these particular Director roles and I am pleased to recognise and promote internal talent. John and Michael 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. Michael and John will be responsible for leading the FMA’s frontline supervision teams to influence improved standards of conduct and disclosure across New Zealand’s financial services sector.”

Mr Taylor, newly recruited Director, Specialist Supervision and Response, brings an extensive regulatory and legal background, having worked at a senior executive level in financial services and competition and economic regulation in New Zealand and overseas.

Prior to this, Peter assisted with the establishment of The Business Banking Resolution Service (BBRS) in the UK. In 2016, Peter joined the Gibraltar Financial Services Commission, as Director Legal, Enforcement and Policy.

Mr Taylor has a Bachelor of Laws from the University of Canterbury and has been admitted as a Barrister and Solicitor in New Zealand, and as a Solicitor in England and Wales.

Mr Taylor will lead the Specialist Supervision and Response area, including responsibility for functional teams comprising, Specialist Supervision and Perimeter & Response.

Samantha Barrass said: “Peter 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 & Enforcement function.”

Mr Hewes started his new role in February, and Mr Horner began his role on 1 March. Mr Taylor is expected to join the FMA in April and will be based in Wellington.

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