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Financial Markets Authority board appointments announced

Hon Kris Faafoi
26 April 2018

Commerce and Consumer Affairs Minister Kris Faafoi today announced the appointment of Professor Prasanna Gai to the Financial Markets Authority Board.

“Professor Gai, who is currently Professor of Macroeconomics at the University of Auckland, has extensive international academic and high-level policy experience in financial market issues, and will add a valuable dimension to the Board’s work.”

Current board member Campbell Stuart has been reappointed for one year.

“Mr Stuart has been a very effective contributor to the FMA Board over the last three years, particularly in technical market-related matters. I am pleased the Board can further benefit from his expertise,” says Mr Faafoi.

The FMA has an important role as the statutory regulator for our financial markets. Its main objective is to promote and facilitate the development of fair, efficient and transparent financial markets in New Zealand, and a principal function is to promote the confident and informed participation of businesses, investors and consumers.

Established by the Financial Markets Authority Act 2011, the Financial Markets Authority (FMA) is New Zealand’s main statutory regulator for our financial markets and discharges statutory functions under a range of Acts, including the Financial Markets Conduct Act 2013 and Financial Advisers Act 2008.

Professor Prasanna Gai is currently Professor of Macroeconomics at the University of Auckland. He is serving a four-year term on the Advisory Scientific Committee of the European Systemic Risk Board. He was Special Adviser to the Governor of the Bank of Canada and was a Senior Adviser on financial stability at the Bank of England. In 2011, Professor Gai conducted a formal review of the monetary policy process at the Reserve Bank of New Zealand. Professor Gai has been Professor of Economics at the Australian National University and a Visiting Fellow of All Souls College, University of Oxford.

Campbell Stuart was first appointed to the FMA Board in 2015. He is a registered chartered accountant who has worked in stockbroking and funds management for the last 30 years. He spent the last 17 years with UBS New Zealand. Mr Campbell served on the NZX Disciplinary Committee for nine years and was Vice Chairman of the NZX. He is currently Director of Aspiring Asset Management.