FMA didn't disclose Booster conflict

An independent review published today says a conflict of interest held by former chief executive Rob Everett was not properly disclosed.

Everett’s wife’s sister’s husband is Gary Scott, who is chief financial officer at Booster. Booster was one of the incumbent default KiwiSaver providers and retained that status after the review.

Everett had previously disclosed this conflict of interest when he took up his role with the FMA in 2012, but it was not raised with the Commerce Minister or the FMA board during the review process.

The independent review was kicked off by Attorney General David Parker after questions were raised by NBR reporter Tim Hunter. The review was conducted by barrister Kristy McDonald and has concluded with a 50 page, heavily redacted, report.