Rob Everett resigns as Financial Markets Authority chief executive

Tuesday, 16 March 2021

Financial Markets Authority chief executive Rob Everett and Reserve Bank governor Adrian Orr deliver the findings of their joint review into the conduct and culture of banks in New Zealand. First published in 2018.

Financial Markets Authority chief executive Rob Everett has resigned, and the search has begun for his replacement.

Everett has headed the financial services watchdog since 2014.

Alongside Reserve Bank governor Adrian Orr, Everett led conduct and culture reviews of the big banks and insurance companies, prompted by financial scandals involving their parent companies in Australia.

The issues Everett and Orr uncovered led to an overhaul of the way banks, insurers and regulators interacted.

* Insurers let down at least 75,000 customers, FMA and Reserve Bank say

* Financial watchdog says new banking laws needed to protect customers

Financial Markets Authority chief executive Rob Everett says he has not made any decisions about his next role.

Major banks and insurers now report regularly to the FMA and the Reserve Bank on how they are treating their customers, and the reviews led to the creation of the Financial Markets (Conduct of Institutions) Amendment Bill, which will require banks and insurers to treat customers fairly if they wish to keep their licences to do business.

Under Everett, the FMA concluded cases against finance company directors whose companies had failed and wiped out the savings of many older investors.

The FMA also cracked down on overseas companies using the Financial Service Providers Register to pretend they were regulated in New Zealand while selling risky financial services to unsuspecting overseas investors.

FMA chairman Mark Todd said Everett had done an outstanding job and led a national discussion about 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.

The search for his replacement had begun, Todd said.

Everett, an Englishman who was recruited in an international search, would leave the FMA on September 30 but could stay longer if it was needed 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.

“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 not made any decisions about his next role.