Statement from FMA’s Board Chair, James Miller:
The Chair of the Financial Markets Authority, James Miller advises that Samantha Barrass, the Chief Executive, has confirmed to the Board her earlier decision that she does not seek a renewal of her term when it expires in January next year.
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.
Mr Miller wishes Ms Barrass well for the future and thanks 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. Alastair Hercus will be Acting Chief Executive, while the Board continues its search for new Chief Executive over the coming months.
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.
Mr Miller said there will also be farewell events which will appropriately recognise Ms Barrass' contribution.
Statement from Samantha Barrass:
I feel really privileged to have led the FMA over the past 5 years, and I particularly want to thank the board who appointed me to that role and supported me in it.
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.
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. 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.
