Leadership, regulation, and collaboration
Samantha Barrass, FMA’s CEO, outlined the regulator’s growing responsibilities, from financial advice reforms to the upcoming oversight of credit law, stressing collaboration with non-bank lenders and a “lift and shift” transition to ease compliance burdens.
“We are here to assist and guide, not just enforce,” Barrass said, emphasising FMA’s focus on innovation, meaningful regulation, and maintaining open dialogue with the industry.
Expanding regulatory responsibilities
Barrass highlighted FMA’s expanding role, listing recent developments, including the financial advice regime, climate-related disclosures, and the forthcoming shift of credit law oversight from the Commerce Commission to the FMA.
Barrass emphasised the significance of working with non-bank lenders and finance companies.
“This relationship will be increasingly important once we formally hold responsibility for the CCCFA [Credit Contracts and Consumer Finance Act],” she said.
A focus on consumer protection
With FMA set to enforce consumer protection laws under the CCCFA, Barrass reassured attendees about the transition.
“The aim is to lift and shift certified firms to reduce the regulatory burden and compliance costs,” she said.
The FMA chief also stressed that until the law officially transfers, firms should continue to engage with the Commerce Commission.
Building an engagement-led approach
Barrass described FMA’s supervisory philosophy as proactive and relationship-based, with a focus on understanding firms’ activities.
“We are here to assist and guide, not just enforce,” she said.
Engagement methods include meetings, reviews, and thematic assessments, aimed at supporting businesses while monitoring compliance.
Enabling innovation and avoiding unnecessary regulation
Barrass underscored the importance of meaningful regulation.
“Regulation needs to pass the ‘so what’ test,” she said.
Barrass highlighted FMA’s focus on fostering innovation while minimising regulatory burdens, ensuring that the agency's work aligns with outcomes that benefit both the industry and consumers.
Ongoing collaboration with industry
Barrass acknowledged the Financial Services Federation’s engagement with the Council of Financial Regulators (CoFR) as instrumental in preparing for FMA’s incoming responsibilities.
She also praised growing cooperation between lenders and financial mentoring groups, which will become more critical as the CCCFA transfer takes effect.
A relationship beyond compliance
Barrass concluded by expressing her hope for an enduring relationship with the financial sector. While acknowledging that disagreements are inevitable, she stressed the importance of dialogue.
“Our relationship endures beyond times of agreement and disagreement. Our doors will always be open,” Barrass said.
The address closed with an invitation for further questions and continued collaboration in the months ahead.
Read the full speech on the FMA website.
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