The Financial Markets Authority (FMA) has announced the appointment of Louise Unger to its executive leadership team. Unger will take on the Executive Director for Response and Enforcement role, bringing with her a wealth of experience in financial services law and regulation.

FMA Strengthens Team with Appointment of Executive Director

Unger is transitioning from her position as General Manager of the Credit branch at the Commerce Commission. In her previous role, she was pivotal in overseeing the implementation of the Credit Contracts and Consumer Finance Act, and she played a key role in the Senior Leadership Team. Before joining the Commission, Unger gained significant experience in risk and compliance while working at Lawyers on Demand NZ, an international law firm.

Throughout her career, Unger has provided legal, risk, and compliance services to various organizations in New Zealand and internationally. Her expertise spans across various industries, including banking, telecommunications, and electricity. Notably, Unger spent 12 years leading legal and risk teams at Bank of New Zealand.

“The FMA had conducted an extensive search for this role, including internationally,” Samantha Barrass, the Chief Executive at FMA, said. “Louise has proven experience as a leader, in governance and financial services’ law.”

Unger holds a law degree with honors and a commerce degree from Canterbury University. She is expected to start her new role with the FMA in the next few months.

FMA Focuses on Enforcement

The New Zealand regulator has hired a new Executive Director focusing on enforcement amid a noticeable increase in the country's crimes involving clones and impostors posing as legitimate businesses.

According to the latest FMA report for 2023, the overall number of scams has declined to 89 from 111 reported in the previous year. However, the number of imposter websites has significantly risen, prompting the regulator to create a new category in its report.

Earlier this year, imposters posed as the UK's Financial Conduct Authority and contacted residents, claiming they could help recover lost funds.

"We are concerned that this is a recovery scam using the name of the FCA," said the FMA spokesperson. "We recommend caution when dealing with any individuals claiming to be from authorities offering to help recover money."

This week, the regulator warned about the unregulated cryptocurrency platform AxonExchange and announced the suspension of a crowdfunding license granted to Equitise Pty Ltd 10 years ago.