Back
23 December 2025

FMA Board appointments

Media Release  
MR No. 2025 – 60

The Governor-General on the advice of the Minister of Commerce and Consumer Affairs has appointed Steven Bardy as Deputy Chairperson of the Financial Markets Authority  - Te Mana Tātai Hokohoko.

Mr Bardy has been appointed from 1 January 2026 to 28 February 2027, when his current term on the Board ends.

Mr Bardy 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.

Philip Doak and Alastair Hercus have been appointed by the Governor-General from 1 January 2026 to 31 December 2030. Biographies of these new Board members are below.

Board member 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.

Board member Prasanna Gai has resigned from the Board with effect from 31 December 2025. Mr Gai has served on the FMA Board since 2018.

The FMA acknowledges with thanks the work of Mr Gai and Board Member Sue Chetwin, who has stepped down from the Board following completion of her term in November this year. 

ENDS

Media contact: 
Ellie Martel  
FMA Senior Adviser, Media Relations  
[email protected]
021 241 7868 

About the FMA board:

The Crown Entities Act 2004 sets out the collective and individual duties of the FMA Board and its members. The Board is the governing body of the FMA.

The Board's focus is generally on the critical strategic and regulatory policy issues that determine the overall success of FMA. This includes:

  • setting the FMA's strategic direction and strategic priorities 
  • appointing the Chief Executive and providing oversight of their performance and, through them, FMA staff 
  • ensuring the FMA's actions are consistent with its objectives, functions, SOI and output agreement (if any) 
  • maintaining appropriate relationships with stakeholders 
  • complying with the FMA's obligations under all applicable legislation 
  • ensuring the FMA operates in a financially responsible manner - achieving results and doing so within budget (operating within agreed budget parameters and managing assets and liabilities prudently). 

Biographies

Steven Bardy 
Steven is a senior executive with extensive experience as a regulator and advisor in financial services, regulation, compliance, and risk management. He currently serves on our board and holds the position of Chair of the Audit and Risk Committee. 
  
His career includes leadership roles at prominent organisations such as the Australian Securities and Investments Commission (ASIC), where he was a senior executive for over 8 years, and as a Group Head of Operational Risk and Compliance at Westpac. He was previously the Managing Director of Promontory Australia (an IBM Company) and served as the inaugural Chairperson of the Assessment Committee of the International Organisation of Securities Commissions (IOSCO). He consults to the World Bank and foreign governments on regulatory design and architecture and is a senior advisor to Principia Advisory. 
  
Steven holds degrees in Law and Economics (Hons.) from the Australian National University and a Master of Business Administration (MBA) from the London Business School. He also undertook post-graduate studies at Queen's University at Kingston and the Wharton Business School. 
Philip Doak 
Phil has over 35 years of experience in the New Zealand financial services sector. 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 to the sector leading a broad range of assignments supporting firms to architect, execute and govern operational change. 
  
His financial services governance background includes a range of director and oversight roles in financial services entities spanning banking, funds management and wealth management.  
 
Phil is a Chartered Member of the New Zealand Institute of Directors. He holds a Bachelor of Commerce (Ag) from Lincoln University, and a Diploma in Applied Finance and Investment from the Financial Services Institute of Australasia. 
 
Alastair Hercus 

Alastair 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.

Alastair 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 Ltd and Invercargill Airport Ltd, and Chair of Co-operative Life Ltd.  He is also a director of the Stroke Foundation of New Zealand. Former roles include director and deputy Chair of Medical Assurance Society and Chair of the Risk and Advisory Committee of MBIE.

Alastair holds a Bachelor of Arts with Honours in History and a law degree.