He says Hughes' appointment is a key milestone in the establishment of the new market conduct regulator.
The FMA, the formation of which was announced in April, consolidates the regulatory functions scattered across the Securities Commission, the Government Actuary, the Companies Office, and the NZX.
Power says he is pleased that the challenge of restoring investor confidence in New Zealand's financial markets has lured Hughes and his wealth of international experience back home.
"His background in enforcement, litigation and management, combined with his knowledge and understanding of financial markets make him the ideal candidate for this job."
Power says legislation to formally establish the regulator is currently being considered by the Commerce Select Committee and is due to be reported back to the House early next year.
The new regulator is expected to be up and running early next year.
Meanwhile, the process for recruiting a chair for the FMA is under way, with applications closing on 25 October.
Power says the formation of the FMA was fast-tracked by the Government after investor confidence was damaged following the collapse of finance companies.
"It was clear that New Zealand needed a single market regulator with a culture of visible, proactive, and timely enforcement, and the FMA will deliver that."
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