Miller named FMA Chair as regulator's remit expands

James Miller has been appointed Chair of New Zealand's Financial Markets Authority for a five-year term.

The appointment puts the former NZX Chair and inaugural FMA director at the head of the regulator as it takes on a wider remit following the transfer of consumer credit regulation from the Commerce Commission.

Finance Minister Nicola Willis said Miller had spent more than a decade arguing for stronger capital markets in New Zealand and had the background needed for the role.

"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. I am delighted to appoint him to lead the FMA," Willis said.

She linked the appointment to the government's wider economic programme, including changes aimed at reducing the cost and complexity of raising capital in New Zealand and updating market rules.

Willis said the country's capital markets remained underdeveloped, limiting opportunities for investors and businesses. She argued that deeper markets would support KiwiSaver balances, wages, and investment in businesses, housing, and infrastructure.

"His expertise in capital markets, corporate governance and financial regulation, including his time chairing the NZX and as an inaugural director of the FMA, makes him exactly the leader the FMA needs as it steps into its expanded role.

"Every New Zealander with a KiwiSaver account has a stake in our capital markets. They are how your savings become finance for a growing business, a new house, or the infrastructure this country needs. But our markets are too shallow, and New Zealanders miss out because of it.

"That is why this Government is undertaking a programme of capital markets reform. We are cutting the cost and complexity of raising capital here so growing companies can list in New Zealand rather than look offshore. Rules written for a different era are being modernised, with a higher climate reporting threshold taking hundreds of businesses out of requirements never designed for them.

"Deeper markets mean stronger KiwiSaver balances and higher wages. It is a core part of our economic plan, and getting the right leadership at the FMA is central to seeing it through. Mr Miller has been appointed for a five-year term, starting 6 August," Willis said.

Commerce and Consumer Affairs Minister Cameron Brewer said the regulator now had a broader task as the single conduct regulator for financial markets and consumer credit.

The shift gives the FMA responsibility for overseeing conduct across investment markets while balancing consumer protection with the government's aim of supporting economic activity.

"A fair, efficient and transparent financial market gives Kiwis the confidence to invest and businesses the confidence to grow," Brewer said.

"Promoting the confident and informed participation of businesses, investors and consumers is core to what the FMA was set up to do. Delivering on that is how we build markets that are not just well policed, but successful.

"With the transfer of consumer credit regulation from the Commerce Commission, the FMA is now the single financial markets conduct regulator. That means balancing strong protection for consumers with markets dynamic enough to drive economic growth. It is a demanding brief, and James Miller is the right person to deliver it," Brewer said.

Board changes

Alongside Miller's appointment, Brewer named Trevor Janes to the FMA board for a two-year term. Janes was the inaugural Chair of NZ RegCo, the NZX's independent regulatory arm, and has also chaired listed companies.

His appointment adds another senior capital markets figure to the regulator's governance structure at a time when oversight of market conduct is under closer focus.

Both appointees hold honours as Officers of the New Zealand Order of Merit. Miller was recognised for services to corporate governance, while Janes was recognised for services to business and public sector governance.

Brewer also thanked Steven Bardy for serving as Acting Chair of the FMA.

The appointments indicate the government wants the regulator led by figures with direct experience in market infrastructure, board governance, and financial regulation as it pursues changes to the framework for raising capital and supervising conduct.

New Zealand's capital markets have long been a policy concern for officials and market participants, who argue that limited scale can restrict domestic investment options and encourage companies to seek funding offshore. The government has presented reform of listing settings and disclosure requirements as part of a broader effort to deepen local markets.

At the same time, the FMA's expanded role means it is expected to oversee not only market integrity and investor confidence, but also conduct issues affecting borrowers and financial consumers. That increases the practical and political significance of the Chair's role.

"Getting the right people into these roles is part of fixing the basics and building the future, so New Zealand's financial markets work for the people and businesses that rely on them," Brewer said.