Financial Markets Authority

Office address: Level 5, Ernst & Young Building, 2 Takutai Square, Britomart, 59 Tyler Street, Auckland CBD, Auckland 1010
Website: www.fma.govt.nz
Year established: 2011
Company type: government administration
Employees: 320+
Expertise: investing, mortgage advice, insurance advice, banking, insurance, disputes and consumer protection, KiwiSaver, superannuation, legislation, online services, financial market regulation
Parent company: N/A
Key people: Samantha Barrass (CE), Craig Stobo (chairman), Clare Bolingford (ED, regulatory delivery), Liam Mason (ED, evaluation, oversight, and general counsel), Sharon Thompson (ED, transformation and operational delivery), Daniel Trinder (ED, strategy and design)
Financing status: N/A

The Financial Markets Authority (FMA) is the government agency in New Zealand tasked with financial regulation and fostering a fair financial market within the nation. It supports businesses, investors, and consumers by facilitating informed participation in financial markets. With offices in Auckland and Wellington, it employs over 320 staff members dedicated to maintaining a strong financial sector.

History of Financial Markets Authority

The Financial Markets Authority, or Te Mana Tātai Hokohoko, was established on 1 May 2011, following the enactment of the Financial Markets Authority Act 2011. Replacing the Securities Commission, it took over several functions from the Ministry of Economic Development and the Registrar of Companies. This reorganisation was driven by the need to restore investor confidence after numerous finance company failures from 2006 to 2010.

Commerce Minister Simon Power introduced the FMA, highlighting its role in rebuilding trust in financial markets. Its mandate includes supervising market participants and enforcing regulations to ensure accountability for misconduct. This comprehensive approach aims to safeguard the integrity of New Zealand's financial markets.

Products and Services of Financial Markets Authority

The Financial Markets Authority offers a range of functions and services designed to promote transparency and efficiency in the country’s financial sectors:

• consumer information: provides mortgage, insurance, and investment advice and other resources to help consumers
• finance professionals information: offers guidance and resources for finance professionals to ensure compliance with regulations
• investigation and enforcement: aims to hold accountable those whose conduct harms financial markets, raise standards of behaviour, and deter misconduct
• licencing: licences various firms and professionals to provide specific financial products and services
• environmental scanning: identifies significant risks and opportunities to promote priorities and deliver functions
• policy and guidelines: assists firms and professionals in setting expectations and complying with the law, reviewing financial market laws and practices

These services collectively ensure the integrity and honesty of the country's financial system.

Culture at Financial Markets Authority

The agency fosters a supportive environment where leaders actively encourage development and career growth opportunities. Employees enjoy a variety of work and have the chance to influence market operations. The workplace is dynamic and exciting, offering numerous benefits, such as:

• flexible working: tailored arrangements to suit individual needs
• learning and development: options include on-the-job learning, training courses, development opportunities, and secondments
• extra holidays and leave: five additional leave days during the Christmas/New Year period and the option to purchase an extra week’s leave, and personal and development leaves
• KiwiSaver employer contribution: 4% employer contribution to KiwiSaver funds
• life insurance package: includes life and terminal illness insurance of twice the base salary and health insurance for private hospitalisation and specialist tests
• other benefits: additional leave, wellbeing activities, EAP, fun initiatives, and more

The organisation is committed to fostering an employee-friendly workplace by actively reviewing and enhancing its diversity, equity, and inclusion strategy. It aims to close the gender pay gap by recruiting more women into senior roles and maintaining pay equity across similar roles. The executive leadership team exemplifies this commitment with an equal representation of men and women, with initiatives like:

• Inclusion and Diversity Advisory Group realigning vision and measures
• engaging external providers for impactful diversity initiatives
• reviewing policies to align with the public sector diversity program
• organisation-wide gender pay gap of 10% in favour of men
• executive leadership team balanced with three men and three women

The Financial Markets Authority’s ‘integrated financial system’ includes ESG factors alongside financial metrics, meeting demand for sustainable investments. This approach ensures transparency by requiring disclosure of environmental, social, and human capital risks. As an independent Crown entity, it promotes fair dealing and enhances investor capability to support a sustainable financial market.

About Financial Markets Authority CE Samantha Barrass and Key People

Samantha Barrass serves as the Financial Markets Authority’s chief executive. She has significant international regulatory experience, having held positions at the UK's Business Banking Resolution Service and the Gibraltar Financial Services Commission, among others. Barrass earned economic degrees from the University of Canterbury and Victoria University of Wellington.

The key people supporting Samantha Barrass in leading the agency include:

• Craig Stobo, serving as chairman, leads the FMA board and provides oversight and strategic direction
• Clare Bolingford, as an executive director, regulatory delivery, oversees the implementation and enforcement of regulatory frameworks
• Liam Mason, acting as executive director, evaluation, oversight and general counsel, manages the agency's legal functions and regulatory oversight
• Sharon Thompson, as executive director, transformation and operational delivery, drives organisational change and ensures effective delivery of operational services
• Daniel Trinder, an executive director, strategy and design, develops and implements strategic initiatives to enhance the organisation's regulatory capabilities

The Future at Financial Markets Authority

The agency consults on climate disclosure, seeking feedback on a proposed information sheet for climate reporting entities (CREs) under the climate-related disclosures regime. This initiative aims to enhance transparency and accountability in financial markets by offering clear instructions for CREs' disclosure documents. The Financial Markets Authority's efforts support confident and informed market participation, bolstering overall integrity and trust.

Recently, the FMA released a guide to help smaller firms meet the requirements for a Fair Conduct Programme and secure a Financial Institution licence. This guidance ensures that firms treat consumers fairly and comply with the Financial Markets (Conduct of Institutions) Amendment Act 2022. By supporting smaller firms and enhancing transparency, the agency strengthens trust in the financial sector for the future.