The Ministry of Business, Innovation and Employment has started an investigation into what it said were “matters that have been raised” about Financial Markets Authority chairman Craig Stobo.
“Mr Stobo has agreed to temporarily step aside as Financial Markets Authority (FMA) chair while the investigation is undertaken,” the ministry saidin a short statement.
He will also step aside from his other Crown governance and advisory responsibilities.
“The Ministry of Business, Innovation and Employment (MBIE) will be leading an independent investigation into these matters as the monitoring department for the FMA,” the statement said.
MBIE said it could not comment further until the investigation is complete.
Stobo also declined the Herald’s request for comment.
Stobo was appointed chairman of the FMA in May 2024.
He was appointed in July to the Government’s Ministerial Advisory Group for school property, with the Government saying he brought a “high level of financial acumen”.
According to his biography provided by the Beehive at the time, Stobo is also chairman of NZ Windfarms Ltd and the NZ Local Government Funding Agency.
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