FMA appoints new head of enforcement

Experienced appointee has worked in high-profile roles

FMA appoints new head of enforcement

The Financial Markets Authority has appointed Margot Gatland as its new head of enforcement.

The FMA regulates New Zealand’s financial markets, monitors the industry to ensure it complies with the law, treats customers fairly and investigates misconduct and prosecuting companies and individuals for breaches.

It appointed Gatland (pictured) to the head of enforcement role after she had been working in the acting head of enforcement role for several months.

Gatland joined the FMA in December 2017, initially as a senior solicitor.

FMA general counsel Liam Mason has welcomed Gatland to the FMA after an extensive local and international search.

“The head of enforcement is a crucial role here at the FMA,” Mason said.

“Margot will be responsible for leading all the FMA’s work to enforce the law and prosecute misconduct.”

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Mason said given the importance of enforcement at the FMA, it wanted to test the market to ensure the right person was appointed to the role.

“We received a high level of interest from both local and overseas candidates,” he said.

“The interest in the role reflects the high regard in which the FMA is held and we are delighted that we have the right skills and experience inside the FMA with Margot.”

Mason said Gatland brought extensive experience in both New Zealand and the United Kingdom having worked at the Serious Fraud Office, at Meredith Connell, commercial firms and in government.

“Margot is well respected for her credentials as a litigation lawyer and has already led a number of successful FMA prosecutions,” he said.

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The FMA has been busy in recent months after instating the Financial Markets (Conduct of Institutions) Amendment Bill which ensures customers are treated fairly as banks, insurers and non-bank deposit takers (NBDTs) will be licensed by the FMA in relation to their general conduct.

Under the new law banks, insurers and NBDTs will need to comply with a “fair conduct principle” to treat consumers fairly. Sales incentives based on volume or value targets such as bonuses for selling a certain number of financial products will also be banned.