Independent investigation report into FMA Chair released

The independent review, undertaken by Wendy Aldred KC, examined several matters raised by members of the FMA Board.

The review had four findings:

• There was no evidence of an inappropriate relationship between Mr Stobo and a former staff member.
• Mr Stobo acted reasonably in disclosing a governance-related interest and later in agreeing to resign from it, but he should not have delayed it for as long as he did.
• Mr Stobo’s applications for FMA travel were not inappropriate.
• However, aspects of Mr Stobo’s public commentary did not meet the standards of political neutrality expected of the Chair of an independent Crown entity and financial markets regulator.

Minister Brewer has accepted Craig Stobo’s offer of resignation, following the completion of an independent review.

Steven Bardy will continue as Acting Chair while a process is undertaken to appoint a permanent Chair.

Read the Minister’s media release:

Minister acknowledges resignation of FMA Chair(external link) – Beehive.govt.nz

Read the report on the independent investigation into the conduct of the FMA Board Chair: