Finance Minister Nicola Willis and Commerce and Consumer Affairs Minister Cameron Brewer have appointed James Miller as chair of the Financial Markets Authority for a five-year term starting 6 August 2026.
The appointment aligns with the government's capital markets reform programme. Miller brings extensive experience from his time as an inaugural FMA director and former NZX chair.
Stobo Resignation and Acting Chair
Previous chair Craig Stobo resigned in May 2026. An independent review by Wendy Aldred KC had examined conduct concerns, mainly around political neutrality of public commentary.
Steven Bardy served as acting chair in the interim. Ministers thanked Bardy for his service. Bardy remains deputy chair until February 2027.
Expanded Mandate: FMA Becomes Single Conduct Regulator
The FMA expanded its mandate on 1 July 2026. It assumed full responsibility for the Credit Contracts and Consumer Finance Act from the Commerce Commission. This change made the FMA New Zealand's single financial markets conduct regulator.
Miller's selection supports efforts to deepen capital markets. According to World Bank data and the OECD Economic Survey of New Zealand 2026, New Zealand's stock market capitalisation stands at around 39 to 40 percent of GDP — a figure that sits below many OECD peers.
"James Miller is one of this country's most respected directors, and for the best part of 12 years he has been making the case for a renaissance in New Zealand's capital markets."
Finance Minister Nicola Willis highlighted Miller's expertise in capital markets, corporate governance and financial regulation. She noted his role in the government's programme to cut the cost and complexity of raising capital.
"A fair, efficient and transparent financial market gives Kiwis the confidence to invest and businesses the confidence to grow."
Commerce and Consumer Affairs Minister Cameron Brewer stressed the need to balance consumer protection with market dynamism. The phase-two consultation on capital markets reforms opened on 14 July 2026 and runs until 25 August.
New Board Appointment and Leadership Transition
Trevor Janes joins the FMA board for a two-year term. Janes previously chaired NZ RegCo, the NZX's independent regulatory arm. Both Miller and Janes hold the Officer of the New Zealand Order of Merit honour.
FMA chief executive Samantha Barrass will step down at the end of her term in January 2027. An independent review into organisational culture at the FMA was underway in late July 2026.
The OECD Economic Survey of New Zealand 2026 links deeper capital markets to productivity gains. Miller's leadership will guide the regulator through the expanded remit and ongoing reforms.
The changes affect KiwiSaver members, listed companies and consumer credit providers. Outcomes will appear in NZX activity, listing volumes and enforcement patterns over the coming years.
