Former Financial Markets Authority chairman Craig Stobo unveiled as a NZ First candidate, looking forward to 'speaking freely on issues of public importance'

Former Financial Markets Authority (FMA) chairman Craig Stobo will run for New Zealand First in Botany, a seat currently held by prime minister Christopher Luxon, in November's election.

Stobo resigned as FMA chairman in May after an independent review found "just cause" for him to be removed from the FMA board based on public comments he made falling "well below the expectations of a Crown entity board chair." The review was undertaken by King's Counsel Wendy Aldred after the Ministry of Business, Innovation and Employment (MBIE) launched an investigation last December.

While three of the four findings found no wrongdoing, it concluded that "aspects of Mr Stobo’s public commentary did not meet the standards of political neutrality expected of the Chair of an independent Crown entity and financial markets regulator."

In its announcement about Stobo NZ First says he was found to have; "allegedly breached standards of ‘political neutrality’ when he made a personal submission to the select committee on the Treaty Principles Bill where he outlined his views on the principles of the Treaty of Waitangi, and when he queried mandatory climate reporting disclosures."

The statement describes him as "outspoken on issues that matter, he is not afraid to challenge the status quo, and he has the ability to get things done."

"Stobo is a tremendous asset to the team and will be a force in parliament representing New Zealand First."

Stobo says he's "looking forward to representing the public who also share my views and who want to hear their representatives speak frankly on key issues that affect them and their families."

"Standing for New Zealand First offers me the opportunity to speak freely on issues of public importance."

He was appointed FMA chairman in 2024 for a five-year term. Commerce and Consumer Affairs Minister Cameron Brewer accepted Stobo's resignation in May, saying it was appropriate for Stobo to resign from the role.

Stobo's experience includes working for the Ministry of Foreign Affairs, helping establish BT Funds Management, chairing a review of the taxation of investment income for the then-finance minister Michael Cullen in 2004, and chairing an International Fund Services Development Group under the John Key government in 2010. Stobo is a founding director of the Auckland Council's Future Fund.