Financial Markets Authority chair Craig Stobo. Photo: RNZ / REECE BAKER
Financial Markets Authority chair Craig Stobo has stepped aside temporarily, as an investigation into unspecified matters is launched.
The Ministry of Business Innovation and Employment (MBIE), which monitors the FMA, said it would conduct an independent investigation into matters that have been raised.
"Mr Stobo has agreed to temporarily step aside as FMA chair, while the investigation is undertaken," it said. "He will also step aside from his other crown governance and advisory responsibilities."
Stobo's other official position is chair of the Local Government Funding Agency and he was a founding director of Auckland Council's Future Fund.
MBIE said it would make no further comment, until the investigation was complete.
Stobo is a 35-year veteran of the finance sector, with a wide range of roles in investment banking and taxation, and directorships of listed companies.
He been on taxation advisory groups to Labour and National-led governments, which led to the current approach tax system for Kiwisaver funds and was extended to overseas investors.
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