International regulator to lead FMA as chief exec

Seasoned international regulator Samantha Barrass has been named the new chief executive of the Financial Markets Authority (FMA) – Te Mana Tātai Hokohoko.

Barrass has worked across the UK and Europe in a variety of regulatory and executive roles. Nonetheless, she maintains what FMA chair Mark Todd described as “a strong New Zealand connection.”

“Ms Barrass has had a very successful career to date, operating in a number of complex and challenging environments. Her knowledge and experience of the insurance and banking industries will be particularly relevant for the increased role the FMA is to play in those areas,” Todd said.

Barrass kickstarted her career with the Reserve Bank of New Zealand. She went on to glean significant experience in the UK, which included helming the launch of the Business Banking Resolution Service in the UK, developed to assist in dispute resolution between banks and their business clients. She also held senior positions with the UK Solicitors Regulatory Authority and London Investment Banking Association.

From 2014 to 2019, she led Gibraltar’s financial regulator as CEO, providing conduct and prudential regulatory supervision.

“She successfully led the Gibraltar Financial Services Commission through a period of evolution and expansion. Her experience as a consensus-building leader will stand the FMA in good stead as it continues its current activities and readies itself for a wider mandate in regulating banks and insurers, as well as climate change reporting,” Todd said. “On a personal note, it’s also great to see a New Zealand citizen returning home to take on this important role.”

Barring COVID-19 restrictions, Barrass will step into the chief executive role in January 2022, operating from Wellington. She succeeds outgoing CEO Rob Everett, who vacates the position next month.

“The FMA is at an important juncture in its journey to support and enhance the economy and financial health of Aotearoa New Zealand. It’s a privilege to have the opportunity to build on the great work done by Rob Everett and the team,” Barrass said. “I’m very excited to be returning home to lead the FMA in this next phase and working with all to safeguard and foster a financial sector that everyone has a stake in.”

Until Barrass takes the reins, FMA GC Liam Mason will run the organisation as acting chief executive.