FMA chief executive resigns

In a surprise move FMA chief executive Rob Everett has resigned one day after the new financial adviser regulations kicked in.

Wednesday, March 17th 2021, 6:05AM 2 Comments

The Financial Markets Authority board says chief executive Rob Everett had resigned and would leave the organisation towards the end of the year.

FMA chairman Mark Todd says Everett has done an outstanding job as the FMA’s second chief executive, overseeing the implementation of the Financial Markets Conduct Act as well as helping to lead a national discussion around the need for conduct regulation in financial services.

“Rob has been, and will continue to be, a truly outstanding leader of the FMA, who will leave a lasting legacy. He has the greatest respect both within the FMA and among our many stakeholders,” Todd said in statement.

The board and Everett are working towards a departure date of September 30 but will take a flexible approach to the timing in order to ensure a smooth transition.

“While we are naturally disappointed that Rob will be leaving us, we recognise that, after seven years in the role, he is ready for a well-deserved break and a change,” Todd said. “It is entirely consistent with Rob’s commitment to the FMA that he is adopting a flexible approach on timing to ensure an orderly transition to a new chief executive.

“Looking ahead, the FMA’s regulatory remit is expanding with the implementation of financial adviser reforms and the introduction of new legislation to provide for the regulation of conduct for banks and insurers. The timing of Rob’s departure creates an opportunity for the next chief executive to advance this work.”

Everett said he had enjoyed his time at the FMA and was proud that the organisation was seen as a “high performing organisation that punches above its weight.”

“I’m absolutely committed to working closely with the board and the new chief executive to ensure an orderly transition,” Everett said. “In the meantime, we have a lot of work in front of us so it will be business as usual for us while the board undertakes its search for a new chief executive.”

Everett says he had not made any decisions about his next role: “My focus is to support the board and ensure we don’t drop any balls in the months ahead. I intend to take a good break over the summer to consider my next move.”

The FMA has appointed recruitment agency Hobson Leavy to assist with the search for a new chief executive.

Tags: FMA Rob Everett