FMA chief executive Samantha Barrass departs with investigation 'concerning matters relating to Barrass' consumed by a separate, MBIE commissioned probe

Chief executive Samantha Barrass has resigned from the Financial Markets Authority (FMA). 

FMA chairman James Miller confirmed Barrass, who had been on a period of leave since July, would leave the role and that "her suspension ends."

In May, the FMA confirmed Barrass would not seek re-appointment before her five-year term concluded early next year.

Miller said in a statement Barrass advised the FMA board; "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."

In August, the Ministry of Business, Innovation and Employment [MBIE] appointed Kristy McDonald KC to head up an investigation into "matters raised in relation to workplace conduct and culture" at the FMA. 

Miller said a separate independent investigation, "concerning matters relating to Barrass," being undertaken by Paul Wicks KC - would be subsumed by the MBIE investigation, "which Ms Barrass says she looks forward to participating in."

MBIE is the monitoring department for the FMA, New Zealand's principal financial markets conduct regulator.

"Alastair Hercus will be Acting Chief Executive, while the Board continues its search for new Chief Executive over the coming months," Miller said.

Barrass said she felt; "really 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."

"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," she said. 

"But I do wish to acknowledge those who have sent me messages of support, inside and outside of the FMA. It has been overwhelming. I also want to personally thank James Miller, the incoming Chair, 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."

Milled thanked Barrass for her contribution to the FMA, which 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."

Barrass joined the FMA in 2022, having previously led the establishment of Britain’s Business Banking Resolution Service, which is designed to resolve disputes between banks and business customers.

Between 2014 and 2019, Barrass was CEO of Gibraltar's Financial Services Commission, where her role included conduct and prudential regulatory oversight. Before that, she worked for nine years in a range of roles at Britain's Financial Services Authority, now known as the Financial Conduct Authority. 

Separately former FMA chairman Craig Stobo announced his political run for NZ First last week, following his resignation in May after an independent review found "just cause" for him to be removed from the FMA board.