Financial Markets Authority (FMA) - Board member
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About the Financial Markets Authority
The Financial Markets Authority (FMA) is an independent Crown entity under the Crown Entities Act 2004, established to carry out specific functions under the Financial Markets Authority Act 2011. The FMA's duty is to promote and facilitate the development of fair, efficient, and transparent financial markets; and to promote the confident and informed participation of businesses, investors, and consumers in the financial markets.
Financial Markets Authority Board
The Financial Markets Authority Board is the governing body of FMA. The Board’s focus is on the strategic, financial risk and regulatory issues that determine the overall success of FMA. Further information about the FMA and the Board is available at the Financial Markets Authority website(external link).
The Financial Markets Authority is a Crown entity
The Crown Entities Act 2004 provides a framework for Crown entity governance and accountability, including responsibilities of board members, disclosure of interests, and the role of Ministers. More information is available at New Zealand Legislation website(external link).
The Minister for Commerce and Consumer Affairs is the responsible Minister for the FMA. Under the Crown Entities Act, the responsible Minister has powers with regard to all entities on matters of strategic direction, targets, funding, performance, reporting and reviews.
Further information on how the relationships between Crown entities, ministers, and departments work in practice can be found on the Public Service Commission’s website(external link).
Member responsibilities
Collective and individual duties of FMA members
The FMA Board provides governance for the organisation, and Board members are collectively responsible for:
- setting and monitoring the strategic direction of the FMA
- taking decisions that it has reserved for itself under the delegations policy
- appointing a chief executive
- monitoring the performance of the FMA and its chief executive
- maintaining appropriate relationships with the Minister, Parliament, the Ministry, and the public
- complying with the Financial Markets Authority Act and the Crown Entities Act.
- setting tone and culture of the organisation.
Membership of the Board
The FMA Board comprises between five and nine members, and no more than five associate members, in accordance with the Financial Markets Authority Act. The Chair and Board members are appointed by the Governor-General on the recommendation of the responsible Minister. The term of appointment may be for up to five years or any shorter period.
Time commitment and remuneration
The full Board meets in person approximately eight times each year, mainly in Auckland. Board members also participate in regular Committee and Division meetings throughout the year, either in person or online.
Remuneration for Board members is determined by the Remuneration Authority and is personal to the individual. A determination of remuneration will be made on an appointment.
Person specifications
Specific skills required
Candidates are sought who can provide the following specific and foundational skills and experience:
Role one – Customer perspectives: financial markets - banking, insurance and consumer credit
- Deep experience advocating for, or representing customer interests (in particular, in retail financial markets).
- Understanding of the client facing functions of retail financial markets.
Role two – Regulatory systems experience
- Extensive knowledge and experience working with regulatory systems, ideally in financial markets – this may include experience within a regulator or through engagement with regulatory frameworks in a commercial, legal or operational capacity.
Foundational skills
- Extensive governance experience at board level.
- Experience or interest in regulatory settings and outcomes.
- Experience and an understanding of public accountability and the relationships between Government and a Crown entity.
- Substantive experience in capital and financial markets.
- Likely to hold qualifications in Law, Accounting, Economics or Finance.
- Executive, operational or commercial leadership experience.
- Has demonstrated or can demonstrate an understanding of the public interest.
The successful appointees will likely have a practical understanding of the operation of financial institutions and implementing conduct-related change within those institutions. This will likely have been obtained through undertaking one or more senior positions in such an institution.
Candidates may be able to hold a role with a regulated financial institution, although this will depend on the nature of that role and the ability to manage any conflicts that arise.
For enquiries about the position, email: boardappointments@mbie.govt.nz.