FMA head of enforcement Belinda Moffat is leaving the agency next month, following a three-and-a-half year term with the agency.
The FMA announced the departure in a statement, noting that Ms Moffat had led the enforcement team for the past three-and-a-half years. When she joined the FMA in 2012 in the wake of the finance company meltdown, she was charged with the responsibility of building the FMA’s enforcement capabilities and completing the finance company investigations.
“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 Ms Moffat departs, Paul O’Neill will become acting director of enforcement and investigations, reporting to chief executive Rob Everett.
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