Consumer NZ chief executive Sue Chetwin and Tower chairman Michael Stiassny have been appointed to the FMA board.
“Sue’s considerable experience as a consumer advocate and journalist will bring a strong consumer perspective to the FMA, and one that is independent from the industry. She is currently the chief executive of Consumer NZ, holds governance roles with consumer-focussed organisations, and worked as a journalist for more than 25 years,” Commerce Minister Kris Faafoi said.
“The combination of her skills and experience will be highly beneficial to the FMA, particularly as its mandate evolves to encompass more consumer-focussed regulation.
In Chetwin's time at Consumer NZ she has strongly advocated against commission payments, particularly for life insurance.
Earlier this year she was quoted as saying: "Commission-based selling comes with a huge risk the broker will put their earnings ahead of what's right for their customer."
"The results of our research suggest selling insurance this way is leading to poorer outcomes for consumers."
Stiassny has a colourful career including some controversial directorships and handling many company insolvencies.
“Michael Stiassny’s wealth of governance and professional experience will also provide considerable value to the FMA." the minister said in a release.
“Michael is an experienced director who has held a number of public and private directorships for many years, and specialises in strategic advice and dispute resolution. Before moving into leadership and governance roles, he worked as a senior corporate governance and insolvency practitioner.”
Both appointments are for three-year terms.
Stiassny was previously chairman of Vector and NZTA.
Chetwin is also a director of the Banking Ombudsman Scheme.