Investigation Opened into Culture at NZ FMA

New Zealand’s Ministry of Business, Innovation and Employment (MBIE) has launched an independent investigation into workplace conduct and culture at the Financial Markets Authority (FMA), as reported by Stuff.

Lawyer Kristy McDonald KC will lead the investigation. MBIE said it would establish an independent and confidential channel for current and former staff to participate. “We are mindful this is an unsettling situation for FMA staff, and we will ensure the investigation is completed as soon as is reasonable,” a spokesperson said.

The investigation follows reporting by Stuff in which several former FMA employees alleged bullying by managers, a culture of fear, and failures in the handling of internal complaints. Acting FMA Board Chair Steven Bardy said at the time that the board had recently become aware of concerns about the regulator’s culture and was assessing them urgently.

Last week, it was reported that Samantha Barrass, CEO of the FMA, was on leave while the board conducted its assessment, with a board member appointed acting CEO.

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