After a global search, the NZ Government has recruited an expert from Australia – who is a Kiwi – to head its new Financial Markets Authority (FMA).

Sean Hughes will take up the role of CEO of the FMA in January. He is currently Senior Executive Leader at the Australian Securities and Investments Commission (ASIC), he landed the role.

Mr Hughes told insuranceNEWS.com.au his ASIC experience “will be very valuable in NZ”.

“I am absolutely committed and passionate and looking forward to the challenge. It’s a very exciting opportunity to be involved at the coalface in setting up an organisation.”

Mr Hughes says there will be a four-month consultation period before the authority commences operations on April 1.

“We’ll be listening, learning and consulting with people on the ground and talking to the market and consumers to find out what needs to change,” he said.

He says it’s “still too early to call judgement” on what will need to be done, but one priority will be to establish a market intelligence unit and attract investment.

“There isn’t confidence around participants coming into the NZ market,” he said. “There needs to be an increase in the flow of capital.”