"I'm delighted Mr Allen has agreed to do this crucial job," Power said.
"He is a highly regarded investment banker with more than 20 years experience in governance and financial markets and has exactly the credentials the new regulator needs."
Allen is the current chair of Crown Holdings, former chair of NZX and the founder and former managing director of ABN AMRO New Zealand.
Power said he was confident Allen would establish the right culture at the FMA and position the regulator to deliver on its role of rebuilding public confidence in financial markets.
"I expect him to work alongside the Establishment Board and the chief executive designate, Sean Hughes, to ensure a smooth transition to the new regulator, which is scheduled to be up and running by May," Power said.
Allen's appointment is subject to the successful passage of the Financial Markets (Regulators and KiwiSaver) Bill and the consent of the Governor General.
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