Financial Services Council Sorry to See Sean Hughes Go

11 July 2013

FSC Sorry to See Sean Hughes Go

“We will be sorry to see him go and have valued his support and energy in leading the market watchdog so successfully”, said Financial Services Council CEO, Peter Neilson.

The Financial Services Council expressed its appreciation of the Financial Markets Authority Chief Executive, Sean Hughes, who has announced that he won’t seek a second term in charge of the market watchdog.

“It is unfortunate for New Zealand and our financial markets that Sean Hughes has decided not to renew his contract to take the FMA through the implementation of the Financial Markets Conduct Act.”

“Sean brought to New Zealand his experience from more regulated environment. His work to improve investor confidence and financial literacy has been very much appreciated by those in the sector that see honesty and transparency as fundamental to the success of New Zealand and the financial services industry. We wish him well for his future career and will be very sorry to see him leave at the end of this year. In his time here Sean Hughes has made a very big difference.”

The Financial Services Council has 21 member companies and 18 associate members managing more than $80 billion in savings and providing financial services to almost 2 million New Zealand investors and policyholders and aims to develop and promote evidence-based policies and practices to help Kiwis build and protect their net wealth and make KiwiSaver more affordable for everyone.

ENDS

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