Financial Markets Authority chief executive Samantha Barrass.
Barrass went on leave, and was temporarily replaced by board member Alistair Hercus, as soon as the board claimed it became aware of problems in late July.
Barrass earlier said she wouldn’t seek to be reappointed once her term as chief executive ended in January 2027.
She left a former role as Gibraltar Financial Services Commission chief executive in 2019, nearly a year before her contract was due to end. She was involved in litigation during this time.
An FMA spokesperson told the Herald: “No findings or conclusions have been reached at this stage [in relation to the organisational review], and the FMA cannot provide further detail at this time, for privacy reasons”.
Sources had been worried non-disclosure agreements may have prevented people from contributing to the investigation.
However, an FMA spokesperson clarified: “The FMA will waive any confidentiality obligations only for the purpose of their participation in the investigation, commissioned by MBIE.
“This includes any relevant confidentiality provisions contained in settlement agreements.”
Issues at the FMA came to a head in May, when the organisation’s chairman Craig Stobo resigned after an investigation into his conduct.
Stobo was found to have made too many political comments for someone in an apolitical role. The final report revealed a lack of communication between Stobo and the organisation’s executives, and conflict between some FMA staff.
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