FMA didn't disclose KiwiSaver conflict

FMA didn't disclose KiwiSaver conflict
A relative of then-CEO of the Financial Markets Authority, Rob Everett, worked at Booster. (Image: supplied)
Dan Brunskill
The Financial Markets Authority (FMA) did not appropriately manage a conflict of interest that arose during the selection of default KiwiSaver providers, says an independent review.Barrister Kristy McDonald QC was asked by commerce minister, David Clark, to review the disclosure of a conflict of interest held by then-FMA chief executive, Rob Everett.Everett’s wife’s sister’s husband is Gary Scott, the chief financial officer at Booster, one of the KiwiSaver fund managers ultimately chosen to be a default provider.Everett had p...

More Markets

Smartshares bond fund reduces Chinese exposure
Markets

Smartshares bond fund reduces Chinese exposure

'Not that uncommon' to see fund managers re-evaluate level of exposure.

NZ sharemarket slips as Rakon shares rocket
Markets Market close

NZ sharemarket slips as Rakon shares rocket

Trading was light with $72.49m changing hands.

Graham Skellern 11 Dec 2023
Rakon share price rockets after takeover bid announced
Markets

Rakon share price rockets after takeover bid announced

Rakon was forced to announce the offer after some shareholders learned of it.

Ben Moore 11 Dec 2023