The FMA is to change its executive leadership team in preparation for its expanding mandate that will see its total workforce increase to around 400 employees.
In announcing the organisation’s restructure FMA CEO Samantha Barrass says she wants to ensure the regulator is positioned to “…accelerate its growth and transformation”.
“To reflect these changes we are introducing a simpler organisational design where senior leaders work at the right strategic level, supporting stronger collaboration across high-performing, functional teams,” said Barrass.
She says the current executive committee will be disestablished in early 2023, when the new structure (and appointments) take effect. The FMA’s new leadership will consist of six roles reporting directly to Barrass:
- Executive Director, Strategy & Design will have responsibility for leading the strategy and direction setting for the FMA
- Clare Bolingford will be appointed as Executive Director, Regulatory Delivery, and be responsible for directing, planning and delivery of the FMA’s core regulatory functions across licensing, influencing and supervision of regulated individuals and firms
- Paul Gregory is to take up the role of Executive Director, Response & Enforcement and will oversee the strategy and response to actions and behaviour of market participants that pose risk or harm, including the investigation and enforcement of misconduct cases
- Liam Mason will hold the Executive Director, Evaluation & Oversight role, and will continue as General Counsel. He will be responsible for a broad range of audit, risk, legal and governance matters along with evaluating the effectiveness of regulatory interventions and activity
Paul Gregory. - Executive Director, Transformation & Operational Delivery will be responsible for the group including finance, operations, and people and capability, that provides internal support to enable the whole of the FMA
- Executive Director, Te Ao Māori will help us embed Te Ao Māori into our activities and ensure we fulfil our role as a kaitiaki of financial services in Aotearoa. More work is needed to scope this function before a permanent appointment is sought for this role.
The FMA will recruit externally for the roles of Executive Director, Strategy & Design, and Executive Director, Transformation & Operational Delivery. Barrass says more work is needed to scope the Executive Director, Te Ao Māori role before a permanent appointment is sought.
Sarah Feehan, who has led the FMA’s People and Capability function for five years, will take up a similar senior leadership people role reporting to the new Executive Director, Transformation & Operational Delivery.
James Greig (Director of Supervision) will continue to support his current team in the transition to the FMA’s new structure, “…while senior leadership roles are considered to make best use of his knowledge and extensive experience”.
Brad Edley, Chief Operating Officer, is leaving the FMA. His last day at the organisation will be Friday 23 September.
Edley’s role will be picked up by John Botica in addition to his current role from 26 September – Botica’s title will be Director of Regulation and Operations.
Barrass says: “I will be focused on implementing a smooth transition to the new enterprise leadership structure while maintaining our current momentum.
“We will effectively and efficiently continue to deliver on our priorities, and maintain our reputation as an open, accessible and engaged regulator while completing these changes.”