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From FMA to Generate

Nick Kynoch moves on from his role with the regulator to bolster Generate KiwiSaver Scheme's compliance team.

Thursday, February 11th 2021, 11:35AM

Nick Kynoch

General counsel Nick Kynoch has resigned his role with the Financial Markets Authority (FMA).

Later this month he will take up a new position as general counsel for Generate KiwiSaver the regulator advised.

Chief Executive Rob Everett said: "Nick has made a superb contribution to the FMA over the past five years, leading the FMA’s teams in the areas of investigations, enforcement, policy, corporate legal and governance.

"He has been invaluable to both me and the Board. Nick is a pleasure to work with and we wish him all the best in his new role."

Everett added that Liam Mason, director of regulation, would become the FMA’s acting general counsel while it considered how best to replace Kynoch.

In its announcement of Kynoch's appointment Generate said it was keen to demonstrate the company’s strong commitment to ensuring it not only meets, but exceeds regulatory expectations.

CEO Henry Tongue said: "We take the responsibility of managing people's retirement savings, and the trust that our members and advisers place in us, incredibly seriously. Generate continues to invest in the best people, who are all committed to helping Kiwis achieve the lifestyle they want in retirement.

"Getting Nick on board as part of the Generate team is very much consistent with this. We're absolutely delighted to have someone of Nick's calibre join the team, and we know he will make a huge contribution to Generate, its members and our advisers."

Kynoch commented: "I'm looking forward to joining Generate and helping Kiwis secure their financial future. Generate has continued to rapidly grow its FUM and membership base, and it's an exciting time to join this dynamic business."

Kynoch has over 20 years’ experience in financial services regulation. Prior to joining the FMA, he was based in the UK. In his role as partner for major international law firms Nick has advised many regulated businesses on their legal and compliance obligations. He has also held senior compliance roles at Barclays Investment Bank.

Generate is an award-winning NZ owned KiwiSaver provider with a track record of delivering strong performance. It is the ninth largest KiwiSaver provider by FUM which equal $2.7 billion and has over 95,000 members.

In 2020, Generate were proud to become the first KiwiSaver provider to invest in social housing with a $20 million bond investment, helping create 118 new, warm, dry and secure houses for families without homes.

Tags: FMA Generate people

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