Controversial FMA head signals end to her tenure in early 2027
Thursday, 21 May 2026
The controversial chief executive of the Financial Markets Authority (FMA), Samantha Barrass, will not seek re-appointment when her five-year term concludes at the end of January 2027.
A statement from FMA acting board chairperson Steven Bardy said Barrass had told the board at the end of last year she was “unlikely to seek a further five-year term, due to emerging family needs in the UK.
“Since then, the board has been preparing the recruitment process for the Chief Executive for a new term.”
Barrass has been at the FMA for four-and-a-half years, having officially taken up the role of chief executive in January 2022. The pay packet attached to the role is between $640,000 - $650,000.
Read more:
FMA chair Craig Stobo resigns over comments that breached political neutrality
FMA chair Craig Stobo is under investigation. Spotlight is falling on a trip he took to Estonia
Under Barrass, who spent a decade at the UK’s FSA (now the Financial Conduct Authority) as well as at solicitors and investment banking regulatory authorities, New Zealand’s FMA heavily expanded its remit to roll out the Conduct of Financial Institutions (CoFI) regime and new climate disclosure standards.
Aside from the expanded workload, Barrass’ term has had its ups and downs.
Barrass took some arrows over a philosophy she championed known as “outcomes-focused regulation”, pushing the FMA to look past strict legal compliance to judge whether financial firms were delivering 'fair outcomes' to consumers.
The philosophy was not popular with everyone and complaints led to Commerce Minister Andrew Bayly issuing a formal letter of expectations to the FMA, warning Barrass that her regulatory expectations must be strictly “founded in the law” rather than arbitrary guidance.
At the end of 2024, the FMA’s annual Ease of Doing Business Survey showed the proportion of stakeholders ‒ including fund managers, KiwiSaver providers and ordinary investors ‒ who agreed the FMA maintained a strong enforcement function and deterred misconduct dropped to 65% from 82%.
The proportion who felt the FMA was easy to do business with was just 53%.
There was also a fall in the proportion who felt the FMA was good at implementing remit changes, and fewer felt it was a “clear, concise and effective” communicator than did last year.
At the time, Barrass said: “We also acknowledge the decline in stakeholder and investor perceptions for some areas of our work.”
In 2026 the FMA has faced still more fire, with an investigation undertaken by the Ministry of Business, Innovation and Employment (MBIE) into the FMA’s chairperson, which surfaced claims of a culture problem at the organisation.
In 2025, over 50 staff members resigned, and an additional 25 positions were made redundant as the agency struggled with internal friction.
Within the report was also a finding that FMA chairperson Craig Stobo had not met standards of political neutrality.
That related to comments he made talking to Michael Laws on the right-leaning media channel The Platform, in articles published in the New Zealand Herald, and in a personal submission in support of David Seymour’s Principles of the Treaty of Waitangi Bill.
While Stobo’s issues were not Barrass’, Wendy Aldred KC’s review revealed deep friction between the pair, and a fractured relationship where the chairperson and executive management actively worked around each other.
Barrass testified Stobo routinely bypassed FMA management, notably executing a surprise international road trip to Estonia with a former staff member without informing executive leadership.
Barrass today said it had been a privilege to lead the FMA 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 the organisation to ensure a smooth handover to the next Chief Executive. There is much to do as we continue to deliver against the priorities in our Financial Conduct Report.”
The FMA Board will shortly begin the recruitment process to appoint a successor.
Correction: The story has been amended to show the MBIE investigation referenced was into the FMA chairperson, rather than the FMA itself.