The Financial Markets Authority – Te Mana Tātai Hokohoko (FMA) has kickstarted 2026 with changes to its governing board, including a new deputy chairperson, two new members, one reappointment and one resignation.
On the advice of the Minister of Commerce and Consumer Affairs, the Governor-General has appointed existing board member Steven Bardy as deputy chairperson of the FMA. His term in the role will run from Jan. 1 to Feb. 28, 2027, in line with the expiry of his current board appointment. Two new members, Philip Doak and Alastair Hercus, have been appointed to the FMA board for five‑year terms, beginning Jan. 1 and ending Dec. 31, 2030. Board member Christopher Swasbrook has been reappointed for a further term from Dec. 23, 2025, to Dec. 22, 2030. Board member Prasanna Gai left the FMA board with effect from Dec. 31, 2025, after serving since 2018. The authority has also noted the departure of board member Sue Chetwin, whose term concluded in November.
Bardy currently chairs the FMA’s Audit and Risk Committee and has regulatory and risk oversight experience across multiple jurisdictions and sectors, including areas relevant to insurance and capital markets. His previous roles include senior executive positions at the Australian Securities and Investments Commission (ASIC) and group head of operational risk and compliance at Westpac. He has also served as managing director of Promontory Australia and as the inaugural chairperson of the Assessment Committee of the International Organisation of Securities Commissions. Bardy has consulted to the World Bank and foreign governments on regulatory design and architecture and is a senior adviser to Principia Advisory. He holds degrees in law and economics (with honours) from the Australian National University and an MBA from London Business School, as well as postgraduate studies at Queen’s University at Kingston and the Wharton School.
Doak has worked in New Zealand’s financial services sector for more than 35 years. He has held senior executive roles across strategy, distribution, operations, programme management, and technology in banking and funds management. He now works as a consultant, leading assignments focused on operational change, including system and process transitions that can affect conduct, remediation, and customer outcomes. His governance experience includes board and oversight roles in banking, funds management, and wealth management entities. Doak is a chartered member of the New Zealand Institute of Directors. He holds a Bachelor of Commerce (Agriculture) from Lincoln University and a Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia.
Hercus is a director and lawyer with public and private sector governance experience. He was previously a partner and board member at Buddle Findlay, with a public sector and public law practice, following a diplomatic career at the Ministry of Foreign Affairs and Trade. He is a board member and chair of the Audit and Risk Committee of the Natural Hazards Commission (NHC), a director of Fonterra Shareholders’ Fund Management Company Ltd and Invercargill Airport Ltd, and chair of Co‑operative Life Ltd. He is also a director of the Stroke Foundation of New Zealand. Former roles include director and deputy chair of Medical Assurance Society and chair of the Risk and Advisory Committee of the Ministry of Business, Innovation and Employment. Hercus holds an honours degree in history and a law degree.
Under the Crown Entities Act 2004, the FMA board is the governing body of the authority. It has collective responsibility for setting strategy, approving key priorities and overseeing performance against the FMA’s statutory functions, funding, and regulatory mandate.
The board’s duties include:
For insurers, intermediaries, and other licensed providers, board-level decisions influence how the FMA sets conduct expectations, allocates supervisory resources, and approaches engagement on regulatory changes.
The board changes are taking place alongside the implementation of the FMA’s 2025/26 Statement of Performance Expectations (SPE), which outlines regulatory goals, performance measures, and forecast financial information for the current financial year. The SPE supports the outcomes in the FMA’s 2024–2028 Statement of Intent and applies to all regulated sectors, including life, health, and general insurance. The SPE sets out how the FMA intends to assess the effectiveness of its licensing, supervision, investigation, and stakeholder engagement functions. One of the central measures relates to how financial service providers and consumers view the FMA’s role in promoting fair, efficient, and transparent markets.
To monitor this, the FMA uses survey‑based indicators. It has set expectations that 90% of industry participants will state that FMA actions support higher conduct standards, and that 75% of consumers will report confidence in market oversight. These indicators are used as proxies for how well the authority is meeting its statutory purpose and to track changes in regulatory effectiveness over time. For insurance professionals, the updated board composition and the SPE’s performance settings provide context for the FMA’s ongoing approach to conduct, governance, and market confidence across underwriting, distribution, and claims activities.
