6 Apr 2011

Super regulator's board named

7:15 am on 6 April 2011

The eight-person board of New Zealand's new super regulator, the Financial Markets Authority, has been named.

The FMA will next month take over work currently carried out by the Securities Commission, the Ministry of Economic Development and the NZX.

Mark Verbiest, Shelley Cave, and Murray Jack, existing members of the Securities Commission, have been appointed to FMA's board.

They will be joined by corporate adviser Colin Giffney, financial author Mary Holm, company researcher and director James Miller, professional director Justine Smyth and commercial barrister Michael Webb.

Milford Asset Management executive director Brian Gaynor says the board has a good mix of expertise and experience, but more important than the board's composition will be how well chairman Simon Allen and chief executive Sean Hughes work together.

Mr Gaynor says it will take a year to really determine if the new regulator is working as well as hoped.