The chair of the Financial Markets Authority, Craig Stobo, has resigned after Commerce and Consumer Affairs Minister Cameron Brewer accepted his departure following an independent review into his conduct.
The inquiry, led by Wendy Aldred KC, found no evidence of an inappropriate relationship between Stobo and a former staff member, but concluded some of his public comments failed to meet the standards of political neutrality expected of the role.
Brewer said Stobo agreed it was important the regulator “remains fully focused on its core regulatory role and continues to command the confidence of Ministers, regulated entities and stakeholders,” adding it was therefore appropriate he step down.
The review also found Stobo acted reasonably in disclosing a governance-related interest, although it said he delayed resigning from it longer than he should have, while his travel applications were not inappropriate.
In a statement sent to DTNZ, former FMA senior adviser Kyla Bottriell welcomed the findings clearing her of any improper relationship, saying: “It confirms I had an entirely professional relationship with Mr Stobo. That finding matters because false and damaging rumours about me were allowed to circulate within the FMA and to media, causing me both personal and professional harm.”
Bottriell said while the report corrected the public record, “it does not repair the harm, or answer wider questions about how a conduct regulator allowed misinformation to escalate causing lasting damage to my reputation.”
She added she had raised concerns about “the FMA’s internal culture, rumour-spreading, lack of accountability and leaking of internal matters,” which she said predated the investigation and remain unresolved. “The FMA holds market participants to standards of fairness, transparency and good conduct. It should apply the same standards internally,” she said, calling on the regulator to acknowledge the harm caused and support “a credible independent review of the conduct and culture issues that allowed this to occur.” Acting chair Steven Bardy will remain in the role while a permanent replacement is appointed.
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God how I wish we didn’t have a government run by globalist automatons 😑
Find out who was spreading the rumours and sue them for defamation.
Also why is no one concerned about the marxists we have running public service institutions? They are political.
His resignation has nothing to do with a rumour that’s a red herring..He resigned due to made up treaty principles by the fma & apparently in your private life putting forward a comment for or against on the treaty principles (there are none) thing last year is why he was asked to leave as apparently its a conflict of interest..Source Michael Laws on The platform