New deputy chair and directors bolster watchdog’s oversight strength
The Financial Markets Authority has a new deputy chair, with governor-general appointments confirming several changes at the regulator’s board table.
On the advice of the Minister of Commerce and Consumer Affairs, Steven Bardy (pictured upper left) has been appointed deputy chairperson of FMA from 1 January 2026 to 28 February 2027, aligning with the end of his current board term.
Bardy is a senior executive with extensive experience as a regulator and adviser in financial services, regulation, compliance and risk management, including senior roles at ASIC and Promontory, consulting work for the World Bank and foreign governments, and advisory work with global ethics consultancy Principia Advisory.
Two new board members appointed
FMA has also welcomed two new members to its board.
Philip Doak (pictured upper right) and Alastair Hercus (pictured lower left) have been appointed by the governor-general from 1 January 2026 to 31 December 2030.
Doak brings more than 35 years’ experience in New Zealand financial services, spanning senior roles in banking and funds management, and now consults on strategy, operations and change; he is a Chartered Member of the Institute of Directors with governance experience across banking, funds and wealth management.
Hercus is an experienced director and lawyer, formerly a partner and board member at Buddle Findlay with an extensive public law practice, and holds a wide range of public and private sector governance roles, including positions with the Natural Hazards Commission, Fonterra Shareholders’ Fund Management Company, Invercargill Airport, and Co‑operative Life.
The regulator said their appointments would strengthen the board’s expertise across financial markets, governance, and risk.
Existing board member Christopher Swasbrook (pictured lower right) has been reappointed for a further five-year term, running from 23 December 2025 to 22 December 2030.
Swasbrook has more than 30 years’ experience in stockbroking and funds management and is managing director of Elevation Capital, as well as holding multiple chair and director roles across listed companies, investment funds,and cultural institutions. Swasbrook has served on the FMA board since 2019.
Long-serving members step down
Board member Prasanna Gai has resigned from the FMA board with effect from 31 December 2025, after serving since 2018.
The regulator also acknowledged the contribution of Sue Chetwin, who stepped down from the board in November following completion of her term.
In a media release, FMA said it “acknowledges with thanks the work of Mr Gai and Board Member Sue Chetwin”, noting their service over a period of significant regulatory change in New Zealand’s financial markets.
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