Craig Stobo to temporarily step down as FMA chairman pending investigation by MBIE

Financial Markets Authority chairman Craig Stobo. Photo / NZME

The Ministry of Business, Innovation and Employment has started an investigation into what it said were “matters that have been raised” about Financial Markets Authority chairman Craig Stobo.

“Mr Stobo has agreed to temporarily step aside as Financial Markets Authority (FMA) chair while the investigation is undertaken,” the ministry said
in a short statement.

He will also step aside from his other Crown governance and advisory responsibilities.

“The Ministry of Business, Innovation and Employment (MBIE) will be leading an independent investigation into these matters as the monitoring department for the FMA,” the statement said.

MBIE said it could not comment further until the investigation is complete.