Rob Everett with former Reserve Bank Governor Adrian Orr. Photo: RNZ/Gyles Beckford
Former leading finance market regulator Rob Everett is to chair non-profit Kiwisaver provider Simplicity.
Everett headed the Financial Markets Authority for seven years before leaving in 2021 to lead the venture capital group NZ Growth Capital Partners, which he left earlier this year.
He said Simplicity's growth and broad, social approach to Kiwisaver investing are what appealed.
"They've been challenging the incumbents, and I like the relentless focus on customers and I just felt that they were at a relatively mature stage given how quickly they've grown and it was a great opportunity to help them move on to the next stage."
Everett will replace Joy Marslin, who has been board chair since 2016.
Marslin said that Simplicity was delighted to have someone of Everett's calibre join the team.
"He has significant depth and breadth of industry experience and is a proven performer in both the FMA and NZGCP roles. The board and team couldn't be happier that he's joined Simplicity."
Simplicity managing director Sam Stubbs said Everett was the number one pick for the role.
"He's an awesome fit for a business that wants to be the big disruptor."
Gamekeeper returns to being poacher
Everett spent 17 years with global investment bank Merrill Lynch, before coming the second chief executive of the Financial Markets Authority.
"In my old gig in the FMA I spent I issued challenges to the (Kiwisaver) industry about doing more and I think by joining Simplicity it shows that's what I want the industry to be providing better products and better value for consumers."
"I think Simplicity is a lighter shade of the private sector because it is a not-for-profit and it is trying to have a social impact as well, so that's what's really floats my boat."
Former Commerce Minister Andrew Bayly mooted changing Kiwisaver investment rules to allow funds to invest in local private assets.
Everett said any changes would need to be balanced between keeping Kiwisaver simple and accessible with allowing the growing investment funds to be used to help the economy grow through investment.
"But you always need to recognise that you owe returns to investors but I am interested in the current discussions about how Kiwisaver can be broadened out and made more flexible without overcomplicating it."
