New Zealand’s Financial Markets Authority (FMA) is searching for a new CEO to take over from Rob Everett, who has resigned and will leave the regulator towards the end of the year.

The FMA board and Mr Everett are working towards a departure date of September 30 but will take a flexible approach to the timing to ensure a smooth transition.

“Looking ahead, the FMA’s regulatory remit is expanding with the implementation of financial adviser reforms and the introduction of new legislation to provide for the regulation of conduct for banks and insurers,” Chairman Mark Todd said.

“The timing of [Mr Everett’s] departure creates an opportunity for the next [CEO] to advance this work.”

In a separate statement, the FMA says Director of Supervision James Greig will oversee the monitoring and supervision of the new advice regime that came into force last week.

Mr Greig was recently appointed to the FMA Executive Committee and has reported directly to Mr Everett since last year. He has led the regulator’s Supervision team since joining in 2016.

Michael Hewes has been appointed as Head of Financial Advice within the Supervision team and will lead this work, reporting directly to Mr Greig.

“[Mr Greig] is already making a great contribution to the FMA’s leadership as we ready ourselves for a significant expansion in our remit,” Mr Everett said.

“In particular, we are now implementing the new regime for financial advice which came into force [last week].

“In other areas, [he] has proven himself an effective leader and played a major role both in our response to the COVID-19 pandemic and in the Culture & Conduct reviews into banking and life insurance in 2018.”