The Financial Markets Authority has advised that CEO Samantha Barrass, will leave her role immediately.
In a statement the Chair of the FMA James Miller says Barrass has confirmed to the Board her earlier decision that she does not seek a renewal of her term when it expires in January 2027.
“She has also advised that she has to travel back to the UK where her elderly father has been admitted to hospital, and she will then stay on for a governance course she is scheduled to attend. In those circumstances, the board has agreed with Samantha that she will leave her role now and that her suspension ends.”
Miller wished Barrass well for the future and thanked her for her contribution to the FMA over the past four and a half years “…which has included overseeing significant organisational change, as the FMA’s remit expanded to include banking, insurance, transfer of consumer credit regulation to the FMA and climate reporting.”
The statement says the independent investigation being undertaken by Paul Wicks KC “…will be subsumed by the investigation commissioned by the Ministry of Business, Innovation and Employment, which Ms Barrass says she looks forward to participating in.”
RiskinfoNZ had reported on August 17 that the independent employment investigation was concerning matters relating to Barrass, and reported earlier in August that the MBIE investigation was into “matters raised in relation to workplace conduct and culture at the FMA”.
Miller said there will also be farewell events which will recognise Barrass’ contribution.
Alastair Hercus will be Acting Chief Executive, while the Board continues its search for a new Chief Executive over the coming months.
Statement from Samantha Barrass
Barrass says in the statement she feels privileged to have led the FMA over the past five years “…and I particularly want to thank the board who appointed me to that role and supported me in it.”
She says it has been a “…challenging mission reforming and expanding our regulator to become fit for its purpose and positioned for its next era. But it has been equally rewarding. I have had great support from my executive leadership team and many others. We have lifted the performance of the organisation; I am really proud of them all.”
Barrass says the last few weeks “…have been very challenging for me, as I have found myself on the receiving end of allegations, and where I have had to take time out for them to be investigated. I won’t comment further on them at this stage. That’s for the MBIE investigation process to get to the bottom of, and I trust it will do so.
“But I do wish to acknowledge those who have sent me messages of support, inside and outside of the FMA. It has been overwhelming.”
She also personally thanked Miller “…for his open-minded approach to this, and for supporting me to leave with grace and on good terms. I obviously wish him and the “new FMA” well going forward,” the statement says.