Our report on the FMA’s extensive search to fill three senior leadership roles at the regulator quickly made its way to the top of this week’s most-read stories…

The FMA has appointed three new directors as part of a leadership shake-up at the organisation.

Two are internal promotions, while the external hire previously worked with FMA CEO Samantha Barrass when she was running the Gibraltar Financial Services Commission.

Barrass says: “We completed an extensive search to fill these particular director roles.”

The appointments are:

  • Peter Taylor, Director Specialist Supervision and Response, reporting
  • Michael Hewes, Director – Deposit Taking, Insurance and Advice
  • John Horner, Director – Markets, Investors and Reporting

Taylor has a regulatory and legal background, having worked at a senior executive level in financial services and competition and economic regulation in New Zealand.

Prior to this, Taylor assisted with the establishment of The Business Banking Resolution Service (BBRS) in the UK. In 2016, he joined the Gibraltar Financial Services Commission, as Director Legal, Enforcement and Policy.

Peter Taylor, FMA's Director Specialist Supervision and Response.
Peter Taylor, FMA’s Director Specialist Supervision and Response.

Taylor has a Bachelor of Laws from the University of Canterbury and has been admitted as a Barrister and Solicitor in New Zealand, and as a Solicitor in England and Wales.

He will lead the FMA’s Specialist Supervision and Response area, including responsibility for functional teams comprising, Specialist Supervision and Perimeter & Response. He will report to Paul Gregory, Executive Director, Regulatory Response and Enforcement.

Barrass says: “Peter is a high calibre appointment for the FMA, bringing broad regulatory knowledge and expertise to the complex cases we deal with, he will contribute significantly to our Response & Enforcement function.”

Hewes has been with the FMA for seven years, most recently as Head of Financial Advice and previously Manager, Supervision. Horner joined the regulator in October 2020 as a Senior Solicitor and has been Acting Head of Corporate Legal since 2022. Both will report to Clare Bolingford, Executive Director, Regulatory Delivery.

Michael Hewes, FMA's Director – Deposit Taking, Insurance and Advice.
Michael Hewes, FMA’s Director – Deposit Taking, Insurance and Advice.

Hewes will be responsible for the effective oversight of deposit takers, insurance companies, and financial advisers. He previously held senior roles at insurers AIA and Sovereign.

Hewes has a Post Graduate Diploma in Commerce from Lincoln University and a Bachelor of Arts from the University of Canterbury.

Horner will be responsible for the effective oversight of capital markets, investment management, auditors and financial reporting.

Prior to joining the FMA, Horner was a Partner at Wellington-based law firm Quigg Partners for 20 years. He has a Master of Laws from Victoria University of Wellington and a Bachelor of Laws from the University of Canterbury.

Horner began his role on 1 March, Hewes started his new role in February, and Taylor is expected to join the FMA in April.

A spokesman for the FMA says: “Samantha Barras, FMA CEO, has worked with Peter Taylor at Gibraltar FSC, and UK BBRS. We always maintain an open and robust recruitment process and Ms Barrass was not involved in this particular process.”