FMA head of enforcement Belinda Moffat to leave in September

Monday 3rd August 2015

Financial Markets Authority head of enforcement Belinda Moffat will leave next month, having wrapped up the market watchdog's investigations into the collapse of the finance company sector through the latter half of last decade.

Moffat will leave the FMA in September, having led the enforcement team for the past three and a half years, the regulator said in a statement. When she joined the FMA in 2012, she was tasked with completing the finance company investigations and building up its enforcement capabilities.

"The legacy finance company investigations are now complete and a wide range of enforcement activities have been undertaken under Ms Moffat’s leadership, across a range of financial services issues," the FMA said. "The increased range of regulatory actions illustrates the significant broadening of the FMA’s remit under the Financial Markets Conduct Act and the increased range of powers and regulatory tools now available to the conduct regulator."

Last week the market watchdog filed civil proceedings against former Milford Asset Management portfolio manager Mark Warminger, alleging he manipulated stock prices in breach of the Securities Markets Act. In June, the FMA cut a deal with Milford Asset Management over the trading activities, with the fund manager paying $1.5 million, but accepting no liability over the claims.

When Moffat departs, Paul O'Neill will become acting director of enforcement and investigations, reporting to chief executive Rob Everett.

BusinessDesk.co.nz

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