20 Oct 2010

Head of new financial regulation body named

12:50 pm on 20 October 2010

Expatriate banker and lawyer Sean Hughes has been named as the chief executive of New Zealand's financial super regulator - the Financial Markets Authority.

The authority comes into effect in April, when it will take over work carried out by the Securities Commission, the Ministry of Economic Development, and the NZX.

Mr Hughes works for the Australian Securities and Investment Commission where he oversees the regulation of the nation's top 300 listed companies.

The 44-year-old was born in Palmerston North, and has previously held senior banking roles for ANZ and the National Australia Bank, and has worked as a lawyer in Australia, Hong Kong, Britain, and New Zealand.

Mr Hughes says he will listen to, and address the needs of, both businesses and investors, and intends to restore confidence in the country's capital markets.

He takes up the role in January.