FMA chief on leave amid urgent review of 'cultural concerns'
The Financial Markets Authority (FMA) in New Zealand is facing a leadership crisis following the departure of its chair and the chief executive being placed on leave. The New Zealand Shareholders' Association has expressed concern over systemic cultural issues within the agency, emphasizing the need for stable leadership to restore public confidence.
Why it matters
Regulatory stability is essential for maintaining investor confidence in financial markets, and leadership vacuums at such agencies can pose risks to market integrity.
The New Zealand Shareholders' Association says it is aware of "systemic cultural issues" at the Financial Markets Authority, and believes leadership departures and allegations of poor workplace culture have knocked confidence in the agency.
It comes after the FMA announced its chief executive Samantha Barrass was on leave after the board became aware of "cultural concerns" at the country's financial markets regulator.
The FMA's acting board chairperson Steven Bardy said it was assessing the situation "as a matter of urgency", with board member Alastair Hercus stepping in as interim chief executive.
Shareholders' Association chief executive Oliver Mander
Shareholders' Association chief executive Oliver Mander said his organisation was "concerned" about the issues at the FMA.
"We did hear and did receive information relating to some pretty systemic cultural issues at the FMA," he said.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in