Everett to step down from Financial Markets Authority

Financial Markets Authority chief executive Rob Everett has resigned and will leave at the end of the year.

Mark Todd, FMA chairman, said Everett had done an outstanding job as the organisation’s second chief executive, overseeing implementation of the Financial Markets Conduct Act as well as helping to lead a national discussion on 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 said.

Everett is set to depart at the end of September but will take a flexible approach to smooth the transition to a new CEO.

Todd said while it was disappointing that Everett would be leaving, he recognised that after seven years in the role, Everett was ready for a well-deserved break.

“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 CE to advance this work.”

Everett said he had enjoyed his time at the FMA and was proud that it 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.

“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 said he had not made any decisions on 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 Hobson Leavy to help find a new chief executive.