Samantha Barrass, the suspended chief executive of New Zealand’s Financial Markets Authority (FMA), is seeking to overturn her suspension and be reinstated to her role, with a hearing scheduled before the Employment Relations Authority (ERA) in mid-September.
Barrass, who had already announced she would not seek reappointment when her term ends in January 2027 due to family needs in the UK, went on leave in late July after the FMA board became aware of “cultural concerns” at the regulator. Board member Alastair Hercus was appointed interim chief executive.
Lawyer Stephen Langton, acting for Barrass, said she regards the suspension as unjustified and is seeking an urgent determination from the ERA to set it aside and restore her to the position.
“Ms Barrass looks forward to the opportunity to set out her position publicly at an Employment Relations Authority hearing in the very near future,” Langton said.
The FMA board has separately commissioned an independent employment investigation into matters relating to Barrass, led by Paul Wicks KC. This probe is distinct from a broader review of workplace conduct and culture at the FMA being conducted by the Ministry of Business, Innovation and Employment (MBIE), which is the monitoring department for the Crown entity.
MBIE has appointed Kristy McDonald KC to lead its investigation. The FMA has declined to comment on Barrass’s application for reinstatement, citing privacy reasons and noting that no findings have been reached in its own inquiry.
The developments follow earlier leadership turbulence at the FMA. In May 2026, then-chair Craig Stobo resigned after an independent review by Wendy Aldred KC found that aspects of his public commentary did not meet the standards of political neutrality expected of the chair of an independent Crown entity and financial markets regulator.
The New Zealand Shareholders’ Association has previously expressed concern about “systemic cultural issues” at the FMA, stating that leadership departures and allegations of poor workplace culture had undermined confidence in the agency.
Barrass joined the FMA in 2022 after senior regulatory roles in the United Kingdom, including as head of the Gibraltar Financial Services Commission until 2019. The ERA hearing is expected to provide the first public airing of her position on the suspension.
