FMA head of enforcement Belinda Moffat to leave in September
FMA head of enforcement Belinda Moffat to leave in September
By Paul McBeth
Aug. 3 (BusinessDesk)
- Financial Markets Authority head of enforcement Belinda
Moffat will leave next month, having wrapped up the market
watchdog's investigations into the collapse of the finance
company sector through the latter half of last
decade.
Moffat will leave the FMA in September, having
led the enforcement team for the past three-and-a-half
years, the regulator said in a statement. When she joined
the FMA in 2012, she was tasked with completing the finance
company investigations and building up its enforcement
capabilities.
"The legacy finance company
investigations are now complete and a wide range of
enforcement activities have been undertaken under Ms
Moffat’s leadership, across a range of financial services
issues," the FMA said. "The increased range of regulatory
actions illustrates the significant broadening of the
FMA’s remit under the Financial Markets Conduct Act and
the increased range of powers and regulatory tools now
available to the conduct regulator."
Last week the
market watchdog filed civil proceedings against former
Milford Asset Management portfolio manager Mark Warminger,
alleging he manipulated stock prices in breach of the
Securities Markets Act. In June, the FMA cut a deal with
Milford Asset Management over the trading activities, with
the fund manager paying $1.5 million, but accepting no
liability over the claims.
When Moffat departs, Paul
O'Neill will become acting director of enforcement and
investigations, reporting to chief executive Rob
Everett.
(BusinessDesk)