Financial Markets Authority (FMA) chief executive Samantha Barrass has taken leave while the regulator’s board conducts an urgent review of workplace culture at the organisation.
The decision follows unconfirmed media reports of alleged bullying and broader cultural issues within the financial markets watchdog. Multiple anonymous former employees have described concerns about bullying by managers, leadership style, workplace culture, and the handling of internal complaints.
“The FMA Board has recently become aware of cultural concerns at the FMA and is assessing the matters raised as a matter of urgency,” acting chair Steven Bardy said in a statement. “Samantha Barrass is on a period of leave. During this time, board member Alastair Hercus will step into the role of interim chief executive.”
Barrass was already scheduled to leave the role. In May she announced she would not seek reappointment when her five-year term ends in January 2027, citing emerging family needs in the UK. The board has begun preparing a recruitment process for her successor.
The latest development comes against a backdrop of recent governance turbulence at the FMA. Bardy’s predecessor as chair, Craig Stobo, resigned in May after an independent review by Wendy Aldred KC found that comments he made to the media breached the political neutrality expected of public servants and “could adversely affect [the FMA’s] ability to work with future governments.”
The review cleared Stobo of other allegations but identified shortcomings in aspects of his public commentary and conflict-of-interest management.
Hercus, (left) a former long-serving Buddle Findlay partner lawyer and director, joined the FMA board in early 2026, will lead the organisation while the cultural review proceeds. The board has indicated the assessment is being treated as a high priority.
