Watchdog chairman let off chain
A former investigator for the Australian Securities and Investments Commission and the National Australia Bank may be looking to return to this side of the Tasman, after completing his contract with New Zealand’s financial watchdog.
Sean Hughes has been the chief executive of NZ’s Financial Markets Authority (FMA); he was poached for the position after working with ASIC and NAB in Australia. Hughes was handed operational control of the newly created FMA in 2010, the board was brought in to replace a previous securities commission.
"Having delivered on my primary task to design, build and implement the strategic and operational platform for FMA, I have decided to complete my contract this year, and look to identify my next challenge," Mr Hughes says, “announcing my decision now will allow a smooth and orderly transition for the leadership of FMA's next stage.”
The FMA was ruthless in finding and prosecuting company directors under the leadership of Mr Hughes. Ponzi scheme operator David Ross was successfully prosecuted on financial adviser breaches, the FMA also levelled a civil suit against Hanover Finance's directors and promoters.
Hughes says he is keen to tackle a new challenge now, no word yet where that might be. The FMA is seeking to replace him by the end of the year.