Financial Markets Authority chairperson Craig Stobo stands down amid investigation

Friday, 5 December 2025

Financial Markets Authority (FMA) chairperson Craig Stobo has agreed to “step aside” from his role while he is investigated by the Ministry of Business, Innovation and Employment (MBIE).

Minister of Commerce and Consumer Affairs Scott Simpson said concerns had been raised with him that were “sufficient to warrant further investigation”.

“I've asked MBIE to undertake an independent investigation into the matters raised. Mr Stobo has agreed to stand down from his role while this investigation is in progress.”

MBIE said in a brief statement on Friday afternoon it had begun an investigation.

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“Mr Stobo has agreed to temporarily step aside [as chair] while the investigation is undertaken. He will also step aside from his other Crown governance and advisory responsibilities.”

MBIE was leading the investigation as the monitoring department for the FMA.

“MBIE can make no further comment until the investigation is complete.”

Stobo was appointed into the role in May of 2024, for a term of five years, under former Commerce and Consumer Affairs Minister Andrew Bayly.

Stobo took over from Mark Todd.

At the time, Bayly said Stobo brought “a significant depth of experience to the role, having worked as a director, diplomat, economist, and chief executive”.

Stobo was contacted for comment. He said he had none to make.