Clare Bolingford will join the FMA in a new role of director of banking and insurance.

She leaves a senior role at the UK markets and conduct regulator, the Financial Conduct Authority (FCA).

Bolingford has worked for the FCA for almost 20 years, most recently as head of cross-cutting policy and head of supervision for retail banking groups. She also recently spent two years at the UK Treasury, leading capital markets and prudential policy.

Bolingford will relocate to New Zealand to assume her new role in January 2020. She will be based in Auckland.

Sarah Vrede joins as director of capital markets and has more than 20 years’ public and private sector experience in financial and capital markets. She will join the FMA in early November and be based in Wellington.

Chief executive Rob Everett said: “I am excited to be hiring leaders of such calibre into my team. These are important additions into the leadership group as we look towards a greatly expanded regulatory remit. It is great to see such enthusiasm for the work of the FMA as we serve New Zealanders by applying conduct regulation across sectors and markets within financial services."

FMA Board

Two new appointments have been made to the Financial Markets Authority board; One opposes commission payments and the other a director who has polarised people.

Sue Chetwin is Consumer NZ chief executive.  “Sue’s considerable experience as a consumer advocate and journalist will bring a strong consumer perspective to the FMA, and one that is independent from the industry. She is currently the chief executive of Consumer NZ, holds governance roles with consumer-focussed organisations, and worked as a journalist for more than 25 years,” Commerce Minister Kris Faafoi said.

In Chetwin's time at Consumer NZ she has strongly advocated against commission payments, particularly for life insurance.

Earlier this year she was quoted as saying: "Commission-based selling comes with a huge risk the broker will put their earnings ahead of what's right for their customer."

"The results of our research suggest selling insurance this way is leading to poorer outcomes for consumers."

Michael Stiassny 

Stiassny, Chairman of Tower, has a colourful career including some controversial directorships and handling many company insolvencies.

“Michael Stiassny’s wealth of governance and professional experience will also provide considerable value to the FMA." the minister said in a release.

“Michael is an experienced director who has held a number of public and private directorships for many years, and specialises in strategic advice and dispute resolution. Before moving into leadership and governance roles, he worked as a senior corporate governance and insolvency practitioner.”

Both appointments are for three-year terms.

Stiassny was previously chairman of Vector and NZTA.

Chetwin is also a director of the Banking Ombudsman Scheme.

 - Good Returns