The new structure will take effect early in the new year
The Financial Markets Authority (FMA) has restructured its executive leadership team as part of its efforts to transform the way it operates, prepare for its expanding mandate, and continue to foster a strong and trusted financial sector that treats people fairly.
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“I want to ensure the FMA is best positioned to accelerate our growth and transformation plans as we prepare for a larger role focused on outcomes for consumers of financial services in Aotearoa,” said Samantha Barrass, FMA chief executive. “We are evolving and growing to deliver our existing responsibilities, alongside the increase of our legislative mandate. To reflect these changes we are introducing a simpler organisational design where senior leaders work at the right strategic level, supporting stronger collaboration across high-performing, functional teams.”
The FMA new enterprise leadership will consist of six executive level roles reporting directly to the chief executive:
- executive director of strategy and design will be responsible for leading the strategy and direction setting for the FMA
- executive director of regulatory delivery will be responsible for directing, planning, and the delivery of the FMA’s core regulatory functions across licensing, influencing, and supervision of regulated individuals and firms
- executive director of response and enforcement will oversee the strategy and appropriate response to actions and behaviour of market participants that pose risk or harm, including the investigation and enforcement of misconduct cases
- executive director of evaluation and oversight and general counsel will be responsible for a broad range of audit, risk, legal, and governance matters along with evaluating the effectiveness of regulatory interventions and activity
- executive director of transformation and operational delivery will be responsible for the group including finance, operations, and people and capability, that provides internal support to enable the whole of the FMA
- executive director of Te Ao Māori will help the organisation embed Te Ao Māori into its activities and ensure it fulfils its role as a kaitiaki of financial services in Aotearoa
FMA also announced the appointment of Liam Mason to the role of executive director of evaluation and oversight, with Mason also continuing as general counsel. Also appointed to their new roles were Paul Gregory as executive director of response and enforcement, and Clare Bolingford as executive director of regulatory delivery.
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An external recruitment process will shortly commence for the roles of executive director of strategy and design, and executive director of transformation and operational delivery.
The new structure will take effect early in the new year – at the same time the current executive committee will be disestablished.
Barrass acknowledged the contribution from remaining members of the FMA’s current leadership team.
Sarah Feehan, who has successfully led the people and capability function for five years, will take up a similar senior leadership people role, reporting to the new executive director of transformation and operational delivery.
James Greig, director of supervision, will continue to support his current team in the transition to the FMA’s new structure, while future senior leadership roles are considered to make best use of his knowledge and extensive experience.
Brad Edley, chief operating officer, has decided to leave the FMA, after six years of leading the operations team. His last day at the FMA will be on Sept. 23.
John Botica will help FMA prepare and implement the new structure by taking on the role of chief operating officer in the interim in addition to his current role from Sept. 26. To reflect his combined roles, Botica’s title will be director of regulation and operations.
“As we aim to grow into a world-class conduct regulator, helping more New Zealanders than ever believe the financial services sector is working well for them, I recognise we need to build on the strengths that have helped the FMA get to where we are today,” Barrass said. “I will be focused on implementing a smooth transition to the new enterprise leadership structure while maintaining our current momentum. We will effectively and efficiently continue to deliver on our priorities, and maintain our reputation as an open, accessible, and engaged regulator while completing these changes.”
