Hon Andrew Bayly
Minister of Commerce and Consumer Affairs

Commerce and Consumer Affairs Minister has today announced three new appointments and one reappointment to the Financial Markets Authority (FMA) board.

Tracey Berry, Nicholas Hegan and Mariette van Ryn have been appointed for a five-year term ending in August 2029, while Chris Swasbrook, who has served as a board member since April 2019, has been reappointed. This is in addition to Craig Stobo who was appointed as chair in May this year.

“The Government is focused on stimulating our financial markets and creating opportunities for competition, while ensuring there is well functioning regulation and good oversight.

“The FMA is the primary financial conduct regulator, responsible for ensuring our financial markets are fair, transparent and efficient. Its work gives people the confidence to invest in New Zealand and grow private enterprise.

“With backgrounds spanning banking, financial services, law, KiwiSaver and insurance, the new appointments bring significant commercial acumen and industry experience to the FMA board.

“These appointments follow recently announced changes to clarify financial regulation. Regulation of consumer lending will transfer from the Commerce Commission to the FMA, and the FMA will be given a stronger role in protecting consumer interests when a licensed firm changes owners. New onsite inspection powers will also help the FMA to proactively monitor market conduct of firms.

“These new appointments and changes will build the FMA’s capability and ensure it is fully equipped to be the leading conduct regulator across all financial services.”

• Tracey Berry is a consultant and financial services professional with 26 years' experience in wealth management, banking, KiwiSaver and insurance. She is currently a partner at Mosaic FSI, as well as a member of the board for the National Provident Fund. A former chair of Nikko Asset Management, she was also a member of the Financial Advisers Disciplinary Committee for 13 years. During her career she has held senior or executive roles at a number of New Zealand's largest banks.
• Nicholas Hegan is an experienced financial services lawyer who has also worked as a trader in wholesale financial markets in New Zealand and offshore. He has sat on the NZ Markets Disciplinary Tribunal for ten years and was formerly head of legal at Forsyth Barr for eight years until 2022. A former partner at Russell McVeagh, he was also chair/deputy chair of the Securities Industry Association for five years.
• Mariette van Ryn is an experienced director, consultant and former barrister and solicitor. Over the past 37 years she has worked across all facets of financial services and regulation in both executive and governance roles. A member of the FMA’s Establishment Board, she is a current member of the NZ Markets Disciplinary Tribunal and a former director of Milford Asset Management. She has also held governance roles at Westpac and is a former board member of Simpson Grierson.

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