On the advice of the Minister of Commerce and Consumer Affairs, the Governor-General has appointed Mr Steven Bardy as Deputy Chairperson of the Financial Markets Authority - Te Mana Tatai Hokohoko (FMA).
Mr Bardy has been appointed from 1 January 2026 to 28 February 2027, when his current term on the Board ends.
Mr Bardy’s career includes leadership roles at prominent organisations such as the Australian Securities and Investments Commission and Westpac. He was previously the Managing Director of Promontory Australia and served as the inaugural Chairperson of the Assessment Committee of the International Organisation of Securities Commissions. He consults to the World Bank and foreign governments on regulatory design and architecture and is a senior advisor to Principia Advisory.
Mr Bardy holds degrees in Law and Economics (Hons) from the Australian National University and a Master of Business Administration from the London Business School. He also undertook post-graduate studies at Queen’s University at Kingston and the Wharton Business School. He has extensive experience as a regulator and adviser in financial services, regulation, compliance and risk management.
The FMA also welcomes two new members onto its Board:
- Mr Alastair Hercus and Mr Philip Doak have been appointed by the Governor-General from 1 January 2026 to 31 December 2030.
- Board member Mr Christopher Swasbrook has been reappointed for the period 23 December 2025 to 22 December 2030. Mr Swasbrook has served on the FMA Board since 2019.
Mr Hercus is an experienced director and lawyer. He was formerly a partner and board member of Buddle Findlay with an extensive public sector and public law practice, following an earlier diplomatic career with the Ministry of Foreign Affairs and Trade.
Mr Hercus has wide ranging public and private sector governance experience. He is a Board member, and Chair of the Audit and Risk Committee, of the Natural Hazards Commission, a director of Fonterra Shareholders’ Fund Management Company and Invercargill Airport, as well as Chair of Co-operative Life. He is also a director of the Stroke Foundation of New Zealand. Former roles also include Director and Deputy Chair of Medical Assurance Society and Chair of the Risk and Advisory Committee of MBIE.
He holds a Bachelor of Arts with Honours in History and a law degree.
Mr Doak has over 35 years of experience. He has held senior executive positions spanning the strategy, distribution, operations, programme management and technology functions of banking and funds management firms. He now consults in the sector, leading a broad range of assignments supporting firms to architect, execute and govern operational change.
Mr Doak’s financial services governance background includes a range of director and oversight roles in financial services entities spanning banking, funds management and wealth management.
Mr Doak is a Chartered Member of the New Zealand Institute of Directors. He also holds a Bachelor of Commerce (Ag) from Lincoln University, as well as a Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia.