MBIE starts investigation into Financial Markets Authority
The investigation will focus on workplace conduct and culture.
The Ministry of Business, Innovation and Employment (MBIE) has initiated an inquiry into the workplace behavior and culture at the Financial Markets Authority (FMA). This regulatory body, which oversees New Zealand's financial sector, has been under scrutiny in recent weeks. Samantha Barrass, the FMA's chief executive, took leave last week following the board's awareness of "cultural concerns".
It was revealed in May that she would not seek reappointment when her term concluded in January. Her departure followed Craig Stobo's resignation as chairperson, as an independent review found his public statements did not adhere to political neutrality standards. MBIE confirmed the FMA board's support for the investigation, which will be overseen by Kristy McDonald KC.
The department acknowledged the unsettling nature of the situation for FMA employees, pledging to ensure a prompt completion of the investigation. MBIE assured that the investigator would provide an independent and confidential channel for individuals to participate in the investigation, with details to be disclosed shortly. The ministry warned it could provide no additional information until the investigation was concluded.
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