CEO leaves FMA
The chair of the Financial Markets Authority (FMA), James Miller, says its chief executive has confirmed her earlier decision not to seek renewal of her term when it expires in January.
Samantha Barrass, pictured, has also advised she has to return to the UK where her elderly father has been admitted to hospital. She will then stay on for a governance course she is scheduled to attend.
In those circumstances, the board has agreed with Barrass that she will leave her role now and that her suspension ends.
Miller has wished Barrass well for the future and thanked her for her contribution to the FMA over the past four-and-a-half years, which has included overseeing organisational change as the authority’s remit expanded to include banking, insurance, the transfer of consumer credit regulation to the FMA and climate reporting.
Alastair Hercus will be acting chief executive as the board continues its search for someone to replace Barrass over coming months.
An independent investigation being undertaken by Paul Wicks KC will be subsumed by the investigation commissioned by the Ministry of Business, Innovation and Employment (MBIE), which Barrass says she looks forward to participating in. Miller adds there will also be farewell events to recognise Barrass’ contribution.
Barrass says: “I feel really privileged to have led the FMA, 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’ve had great support from my executive leadership team and many others. We have lifted the performance of the organisation – I’m proud of them all.
“The past few weeks have been challenging for me as I have found myself on the receiving end of allegations and 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 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 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 wish him and the ‘new FMA’ well going forward.”
