FMA chair Stobo under investigation

The Ministry of Business, Innovation and Employment (MBIE) said it has “commenced an investigation into matters that have been raised about the Financial Markets Authority (FMA) chair."

“Stobo has agreed to temporarily step aside as FMA chair while the investigation is undertaken. He will also step aside from his other Crown governance and advisory responsibilities.”

MBIE will lead an independent investigation into these matters, as the FMA's monitoring department.

MBIE said it would make no further comment until the investigation is complete.