MBIE to investigate FMA workplace conduct and culture

The Ministry of Business, Innovation and Employment (MBIE) announced today it has initiated an investigation into workplace conduct and culture at the Financial Markets Authority (FMA). This development marks a significant moment for the nation’s primary financial regulator, following recent leadership changes.
The Financial Markets Authority, responsible for overseeing New Zealand’s financial system, has been under scrutiny in the past weeks. The catalyst for this investigation appears to be the emergence of “cultural concerns” within the FMA, which prompted the resignation of its chief executive, Samantha Barrass, last week.
Barrass’s departure was already known, having been publicly confirmed that she would not seek reappointment once her term concluded in January. Her exit occurred shortly after the resignation of FMA chairperson Craig Stobo. Stobo stepped down following an independent review that found his public commentary during a previous investigation did not adhere to the required standards of political neutrality.
MBIE has tasked experienced legal professional Kristy McDonald KC with leading this new probe into workplace conduct and culture. The Ministry stated its commitment to ensuring the investigation is handled with care, acknowledging the distress it may cause to FMA staff during this period. MBIE emphasized its desire to complete the investigation as soon as reasonable, while providing an independent and confidential avenue for individuals to contribute information.
“We are mindful this is an unsettling situation for FMA staff, and we will ensure the investigation is completed as soon as is reasonable,” a MBIE spokesperson confirmed. They also pledged to provide clear details on accessing this confidential channel, promising no further comment until the investigation is concluded.

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