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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.”
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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.