tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, May 21st, 4:21PM

News

rss
Latest Headlines

First words from new FMA CEO

The Financial Markets Authority new chief executive, Samantha Barrass, makes her first public comments.

Sunday, February 20th 2022, 9:07AM 2 Comments

The Financial Markets Authority’s new chief executive Samantha Barrass has been in the job less than a month and says her priorities will be ensuring consumers and investors feel the system works for them.

“Firms need to have confidence that everyone is playing by the rules and that there’s commercial value in the consumer confidence that comes from that,” she said in a FMA newsletter.

“The FMA is in good shape – there’s nothing broken and we have a good foundation to build from.  We want to maintain our track record as a smart, connected and proactive regulator.”

The New Zealander who spent many years working overseas replaced Rob Everett. She has held roles in Great Britain and Gibraltar. She believes these experiences will set her in good stead for the new job.

“I’ve had a broad range of experience across all the areas that the FMA will be regulating. At the (then) Financial Services Authority in the UK I was involved in supervising capital markets, as well as other regulatory experience at the London Clearing House, the metals exchange, and in wholesale and retail markets.”

She continued; “As chief executive of the Gibraltar financial regulator, I was also responsible for audit and insurance regulation.”

The new head of the FMA said it was a time of great change within the industry with a whole new cohort of banking, insurance and climate reporting.

“My top priority is to get to know staff and really understand how the FMA works. I’m also looking forward to meeting people from the firms we regulate, as well as other government agencies.”

She said new capabilities would need to be added but; “Right now, it’s all about asking questions and listening - I’m at the beginning of a lot of coffees and a lot of cups of tea!”

Barrass acknowledged the FMA’s remit was expanding and that meant the organisation would grow in size and scope with changes ahead.

It’s expected increased regulation of the insurance sector will be a leading priority this year, attention is also expected to fall on fringe financial market operators and cryptocurrency-related business. 

“Our new insurance regime should lead to greater consumer confidence to be able to search for and buy the products they need.  That’s got to be the aim. In summary, there’s a lot to do but a lot for everyone to gain.”

Tags: FMA Samantha Barrass

« Quarter of advisers consider quitting due to stressJarden building a warchest »

Special Offers

Comments from our readers

On 23 February 2022 at 1:25 pm p north said:
Good words and nice steady start.

the actions will be the real test.

Wonder if there will be a slight change to look at product manufacturers as well as advisers given advice adds value for customers.

Recent example of a life product manufacturer offering a lower price for customers accessing via a direct channel strategic partner.

Is this a good or fair customer outcome if one group treated well and other adviser channel customers expected to pay for the overheads and pay a higher price.

On 23 February 2022 at 4:52 pm w k said:
"FMA’s remit was expanding and that meant the organisation would grow in size"

does this mean higher fees to come for the dwindling pool of advisers? or will consumers be funding the expansion?

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 5.35 4.49 5.25 5.55
ANZ 5.54 5.15 5.85 6.15
ANZ Blueprint to Build 2.78 - - -
ANZ Special - 4.55 5.25 5.55
ASB Bank 5.35 4.49 5.25 5.55
Avanti Finance 5.45 - - -
Basecorp Finance 6.45 - - -
Bluestone 5.29 7.49 7.59 -
BNZ - Classic - 4.55 5.25 5.45
BNZ - Mortgage One 5.55 - - -
BNZ - Rapid Repay 5.55 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.55 5.35 5.94 5.99
BNZ - TotalMoney 5.55 - - -
CFML Loans ▲6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 4.70 5.20 -
Heartland Bank - Online 4.00 3.85 4.70 4.84
Heretaunga Building Society 5.95 4.80 5.50 -
HSBC Premier 5.49 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.25 4.29 5.09 5.35
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 5.00 5.55 6.19 6.39
Kiwibank - Offset 5.00 - - -
Kiwibank Special 5.00 4.55 5.19 5.39
Liberty 4.84 - - -
Nelson Building Society 5.95 4.95 5.85 -
Pepper Essential 3.44 - - -
Resimac 4.59 5.60 6.16 6.29
Lender Flt 1yr 2yr 3yr
SBS Bank 5.29 4.69 5.35 5.49
SBS Bank Special - 4.19 4.85 4.99
Select Home Loans 4.09 4.29 4.86 5.09
The Co-operative Bank - First Home Special - ▲4.19 - -
The Co-operative Bank - Owner Occ 5.45 ▲4.29 5.19 5.45
The Co-operative Bank - Standard 5.45 ▲4.79 5.69 5.95
TSB Bank 5.59 5.14 ▼5.79 6.15
TSB Special 4.79 4.34 ▼4.99 5.35
Unity 5.65 4.80 5.50 -
Wairarapa Building Society 5.24 4.55 5.20 -
Westpac 5.54 5.09 5.79 6.09
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.54 - - -
Westpac Special - 4.49 5.19 5.49
Median 5.45 4.55 5.25 5.52

Last updated: 19 May 2022 10:42am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com