Retiring Executive of the Financial Markets Authority, Rob Everett has overseen the strengthening of FMA’s powers since joining the agency in 2014 and retires in coming months but retains his power ranking until then.
Everett’s role has seen him move up the rankings as banking and finance industry move centre stage as he has played a major role leading the FMA in areas including increasing the implementation of financial adviser reforms and the introducing new legislation to regulate the conduct for banks and insurers.
He has previously talked about the “bad things” that happen when banks aren’t properly regulated.
Having dealt with the issues arising from the ANZ bank’s former CEO David Hisco’s exit and reviewing the banking sector with the Reserve Bank following major Australian financial sector scandals has seen a key role played in financial issues here.
From the UK and starting his legal career with Allen & Overy, Rob Everett is formerly a director of regulatory consultancy Promontory Financial Group and prior to that with the Bank of America Merrill Lynch, he has significant international regulatory experience. Working in Merrill Lynch’s legal department for almost10 years gave him a solid grounding in transactional and debt markets experience in Europe and the United States before being appointed head of legal/compliance for the firm’s research division.
The introduction of the Commerce Amendment Bill will add further to the Comcom’s powers, permitting easier investigations of the abuse of market power in industries like retailing and petroleum sales.
Strengthened powers of the FMA following the finance company debacle of 2009 and with changes like the Financial markets Conduct Act have provided significant powers to the agency and its chief.