Source: Reserve Bank of New Zealand
13 January 2026 – Following an open recruitment process, the Reserve Bank of New Zealand (RBNZ) Board has appointed Ms Heidi Richards and Professor Prasanna Gai as external members of the Financial Policy Committee (FPC).
The FPC is a new committee of the RBNZ Board, which will make key policy decisions relating to financial stability, including setting the prudential requirements for financial institutions regulated by the RBNZ, and making macro-prudential policy decisions such as Debt-to-Income and Loan-to-Value ratios for lending.
Ms Richards is a former senior prudential regulator and internationally respected regulatory, risk and compliance leader with experience across private industry, government and not-for-profit sectors in the US, Australia and international policy-making organisations. Ms Richards has a deep understanding of prudential regulation.
Professor Gai is Professor of Macroeconomics and Head of the Departments of Economics, Accounting & Finance, and Property at the University of Auckland. Professor Gai is a leader in the fields of financial stability and monetary policy. He has published extensively on macroprudential policy and systemic risk. Professor Gai served on the Board of the Financial Markets Authority from 2018 until his resignation on 31 December 2025.
“I am pleased with the appointments to the FPC that we are announcing today, and welcome Ms Richards and Professor Gai to the FPC,” said RBNZ Board Chair Rodger Finlay.
“The FPC’s work will be crucial to promoting New Zealand’s financial stability and the wealth of experience of all the FPC members will enhance and bring focus to RBNZ’s financial policymaking.
“I would also like to express my gratitude to all those who expressed their interest in serving as external members of the FPC. Ms Richards and Professor Gai were selected from a strong field of candidates.”
Ms Richards has been appointed for a four-year term from 1 January 2026 to 31 December 2029.
Professor Gai has been appointed for a three-year term from 1 January 2026 to 31 December 2028. In addition to serving on the FPC, Professor Gai will continue his service on the Monetary Policy Committee.
The other members of the FPC are Governor Anna Breman and the following RBNZ non-executive Board members – Byron Pepper (who will chair the FPC), Grant Spencer, and Philip Vermeulen. Rodger Finlay will also serve on the FPC by virtue of his position as RBNZ Board Chair.
The RBNZ Board has agreed a Charter for the FPC, setting out the operational framework for the FPC to ensure its proper management and functioning. The FPC Charter includes the terms of reference for the FPC.
The first meeting of the FPC is scheduled for late February 2026.
