FMA boss stepping down

The Financial Markets Authority (FMA) has announced chief executive Samantha Barrass will not seek re-appointment when her five-year term concludes at the end of January 2027.

Steven Bardy, the FMA’s acting chairman, says she had advised the board at the end of last year she was unlikely to seek a further five-year term because of emerging family needs in the UK. Since then, the board has been preparing the process to recruit her replacement.

Bardy says the board is grateful for Barrass’ leadership and her continued commitment to the FMA through the remainder of her term.

He adds: “Samantha has provided strong leadership through a period of significant expansion for the FMA, including the implementation of the Conduct of Financial Institutions regime. 

“Her regulatory experience has been invaluable as the FMA has navigated a challenging global environment and prepared to take on credit regulation.”

Barrass, pictured, says it has been a privilege to lead the organisation as it focused on ensuring financial services deliver the best possible outcomes for all New Zealanders.

“I will provide my full support to the board and organisation to ensure a smooth handover to the next chief executive,” she adds. “There is much to do as we continue to deliver against the priorities in our financial conduct report.”

The announcement is being made now, after confirmation of Barrass’ decision, to allow sufficient time for a “robust” transition process.