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Simon Allen to chair Financial Markets Authority

Wednesday 9th February 2011

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Cabinet has approved the appointment of Simon Allen as the chair of the soon-to-be established Financial Markets authority, Commerce Minister Simon Power has announced.

"I'm delighted Mr Allen has agreed to do this crucial job," Power said.

"He is a highly regarded investment banker with more than 20 years experience in governance and financial markets and has exactly the credentials the new regulator needs."

Allen is the current chair of Crown Fibre Holdings, former chair of NZX and the founder and former managing director of ABN AMRO New Zealand.

Power said he was confident Allen would establish the right culture at the FMA and position the regulator to deliver on its role of rebuilding public confidence in financial markets.

"I expect him to work alongside the Establishment Board and the chief executive designate, Sean Hughes, to ensure a smooth transition to the new regulator, which is scheduled to be up and running by May," Power said.

Allen's appointment is subject to the successful passage of the Financial Markets (Regulators and KiwiSaver) Bill and the consent of the Governor General.

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