Who we are


Photo (L-R): Adrian Orr, Carolyn Tremain, Adrienne Miekle, Dr Caralee McLiesh, Samantha Barrass


The Council of Financial Regulators (CoFR) is made up of five agencies:

We meet quarterly to discuss regulatory issues, risks and priorities for financial markets.

The Governor of the Reserve Bank and the Chief Executive of the Financial Markets Authority take turns to chair our meetings.

CEOs of each of the five agencies usually attend meetings, accompanied by one or two senior colleagues, with an emphasis on continuity of attendance. We may invite other regulatory agencies, or any other relevant organisations, to attend meetings as required.

We may also set up sub-committees and working groups as required to address particular issues, with membership drawn from CoFR agencies and others.

Adrian Orr

Governor, Reserve Bank of New Zealand - Te Pūtea Matua

“CoFR is critical to ensuring the people of Aotearoa have an efficient, resilient and inclusive financial system that can support them to prosper through time.”

Adrian Orr is the Governor of the Reserve Bank of New Zealand. He was appointed in March 2018. Adrian is New Zealand born and bred, and primarily of Cook Island and Irish descent. He is married to Sue, a novelist, and they have three adult children.

Adrian graduated from the University of Waikato with a Bachelor of Social Sciences, majoring in Economics and Geography. He also holds a Master’s Degree in Development Economics (Distinction) from the University of Leicester, England.

Prior to his role as Governor of RBNZ, Adrian held the position of Chief Executive Officer at the Guardians of the New Zealand Superannuation Fund. Other roles during his career include: Deputy Governor and Head of Financial Stability of the Reserve Bank, Chief Economist at both Westpac Banking Corporation and the National Bank, economist at the Organisation for Economic Cooperation and Development (OECD), and he also worked for a short time as a Chief Analyst at The Treasury.

Samantha Barrass

Chief Executive, Financial Markets Authority

“CoFR is critical to making sure we work together as one team, bringing together our different skills and perspectives to foster a financial sector that works for all.”

Samantha has extensive international regulatory experience, most recently as Chief Executive of UK’s Business Banking Resolution Service, a dispute resolution scheme for banks and business customers. Prior to that she was Chief Executive of the Gibraltar Financial Services Commission, which oversees the prudential and conduct regulation of Gibraltar’s financial services sector. She has held a number of other senior roles at finance regulators and industry associations, including the UK’s Financial Conduct Authority and the London Investment Banking Association.

Samantha grew up in Christchurch, and studied Economics at the University of Canterbury, and Victoria University of Wellington, before beginning her career as an economist at the Reserve Bank of New Zealand. She subsequently studies at the London School of Economics.

Adrienne Meikle

Chief Executive Officer, Commerce Commission

“I value the work we do in CoFR because it contributes to a wider system perspective that has benefits for the sector and the agencies involved in CoFR.”

Adrienne Meikle joined the Commission in May 2018, taking on the role of Chief Executive. Before joining the Commission Adrienne held the positions of Deputy Chief Executive, Corporate, Governance and Information group, Acting Deputy Chief Executive, Market Services and General Manger, Resolution Services at the Ministry of Business, Innovation and Employment (MBIE). Adrienne has extensive experience across the public sector and prior to joining MBIE in 2012, held the roles of Acting Deputy Secretary, Tourism, Events and Consumer Affairs, Director of Legal in the former Ministry of Economic Development, Chief Legal Advisor in the former New Zealand Food Safety Authority, and Parliamentary Counsel and Private Secretary in the Attorney General’s office.

Adrienne has also worked for the Department of Corrections and Ministry of Education and has a BA LLB and an LLM (Hons).

Carolyn Tremain

Chief Executive, Ministry of Business, Innovation and Employment

“Building stronger relationships through CoFR helps us to design and maintain effective regulation of the financial system in Aotearoa New Zealand.”

Carolyn joined MBIE from the NZ Customs Service, where she was the Chief Executive and Comptroller.

Before joining Customs in 2011, Carolyn held the roles of Deputy Commissioner Service Delivery and Deputy Commissioner People, Capabilities, and Governance at Inland Revenue. She was responsible for front-line service delivery functions including audit and investigations, contact centres, customer operations, customer and product innovation, litigation management, and the integration of new government programmes. Earlier in her career, Carolyn worked for Air New Zealand where she was head of the Human Resources and Organisational Change.

Carolyn holds a Bachelor of Arts from the Victoria University of Wellington.

Dr Caralee McLiesh

Chief Executive and Secretary to the Treasury, The Treasury

“CoFR plays an important role in ensuring we are effective kaitiaki/stewards of the regulation of the financial system in Aotearoa New Zealand.”

Dr Caralee McLiesh joined the Treasury as Chief Executive and Secretary to the Treasury in September 2019.

Caralee's previous roles include several Deputy Secretary roles at the NSW Treasury. During her time there, she advised the Treasurer (NSW's equivalent of the Minister of Finance) and government agencies on fiscal and economic policy, coordination of the Budget and state sector accounts, taxation, intergovernmental relations, and balance sheet management.

Prior to this, Caralee worked at the World Bank in Washington DC, the International Red Cross and the Boston Consulting Group.

Daryl Collins

Principal Adviser, Council of Financial Regulators

“CoFR’s purpose is to contribute to maximising New Zealand’s sustainable, economic wellbeing through the effective and responsive regulation of New Zealand’s financial system and I am privileged to be a part of it.”

Daryl is Principal Adviser to the Council. He is the first person in this role, which was established to assist the Council in achieving its legislative function. Prior to this role Daryl managed the Banking and AML/CFT Supervision team at the RBNZ. Before that he spent 12 years working in London, primarily in financial regulation at the Bank of England. Daryl started his career at New Zealand’s Treasury. He has a BA and BCom (Hons) in Economics from the University of Auckland.