FMA board shake-up as Steven Bardy named deputy chair from 2026

Steven Bardy has been appointed the deputy chair of the Financial Markets Authority.

Steven Bardy has been appointed deputy chair of the Financial Markets Authority.

Bardy, who is currently chair of the audit and risk committee, will serve as deputy chair from January 1, 2026 to February 28, 2027, when his current term on the board ends.

Bardy has been acting board chair as the Ministry of Business, Innovation and Employment (MBIE) investigates Financial Markets Authority (FMA) chair Craig Stobo for undisclosed reasons.

In early December, MBIE announced an investigation into what it said were “matters that have been raised” about Stobo.

“Mr Stobo has agreed to temporarily step aside as FMA chair while the investigation is undertaken,” the ministry said in a short statement.

Bardy has extensive experience as a regulator and adviser in financial services, regulation, compliance and risk management.

His background includes leadership roles at the Australian Securities and Investments Commission (ASIC), where he served as a senior executive for over eight years, and as group head of operational risk and compliance at Westpac.

Philip Doak and Alastair Hercus have been appointed to the board from January 1, 2026 to December 31, 2030.

Doak has over 35 years of experience in the New Zealand financial services sector.

He has held senior executive positions spanning the strategy, distribution, operations, programme management and technology functions of banking and funds management firms.

Hercus was formerly a partner and board member of Buddle Findlay with an extensive public sector and public law practice, following an earlier diplomatic career with the Ministry of Foreign Affairs and Trade.

Christopher Swasbrook has been reappointed to the board for the period December 23 to December 22, 2030.

Swasbrook has served on the FMA board since 2019.

Meanwhile board member Prasanna Gai has resigned from the board, effective December 31, 2025. Gai has served on the FMA board since 2018.

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