Other appointees are deputy chairperson Steven Bardy, board member Philip Doak
The governor-general, on the advice of the minister of commerce and consumer affairs, has appointed Steven Bardy as deputy chairperson and Philip Doak and Alastair Hercus as board members of the Financial Markets Authority – Te Mana Tātai Hokohoko.
According to the FMA’s media release, Bardy’s appointment runs from 1 January 2026 to 28 February 2027, when his current term on the board concludes. Meanwhile, Doak’s and Hercus’s appointments run from 1 January 2026 to 31 December 2030.
The FMA noted that Christopher Swasbrook, who has served on its board since 2019, has been reappointed as a member from 23 December 2025 to 22 December 2030. The FMA added that Prasanna Gai, who has sat on its board since 2018, has resigned as a member as of 31 December 2025.
The FMA expressed gratitude for the efforts of Gai and Sue Chetwin, who stepped down as a board member after the completion of her term last November. The board serves as the FMA’s governing body.
The FMA’s media release provided more information on the recently announced appointees.
Hercus is a director and lawyer with a broad range of experience in public and private sector governance.
As a partner and board member of Buddle Findlay, Hercus established a public sector and public law practice. Before joining the law firm, he had a diplomatic career with the Ministry of Foreign Affairs and Trade.
He is a board member and chair of the Natural Hazards Commission’s Audit and Risk Committee, chair of Co-operative Life Ltd, and a director of Fonterra Shareholders’ Fund Management Company Ltd, Invercargill Airport Ltd, and the Stroke Foundation of New Zealand.
Hercus was director and deputy chair of Medical Assurance Society and chair of the Risk and Advisory Committee of the Ministry of Business, Innovation, and Employment (MBIE).
Hercus earned a law degree and a BA with honours in history.
On the FMA board, Bardy chairs the Audit and Risk Committee. He is a senior executive who has garnered significant experience as a regulator and advisor in financial services, regulation, compliance, and risk management.
He obtained degrees in law and economics (honours) from the Australian National University.
Doak has more than 35 years of experience under his belt in the country’s financial services sector.
This experience includes senior executive positions encompassing the strategy, distribution, operations, program management, and technology functions of banking and funds management firms.
