Dilworth Old Boy Jacob De Berry’s journey into the world of financial markets regulation.
A year ago, Jacob De Berry, Dilworth Old Boy, Class of 2003, and our former Head of Te Reo Māori, decided to give the regulatory world a go. He took on a very different role as Principal Adviser, Pou Ahurea, to the Financial Markets Authority (FMA), Te Mana Tātai Hokohoko, with the primary purpose of driving te ao Māori cultural capability.
We caught up with him recently on a visit to Dilworth to find out more!
Time for a Change
After spending eight years teaching at Dilworth, Jacob said that turning 40 was a catalyst for him and that he knew it was time to push himself and grow further - something he had long espoused to ākonga.
So when the opportunity came up at the FMA, he says he knew he had to go for it, but it meant pitching himself headfirst into a very different world. "The pinnacle for me in education was always to come back (to Dilworth) as a teacher, and moving to another school felt like an incremental step, so I thought - why not throw myself into something I knew absolutely nothing about?!"
His role at the FMA is a part of the organisation’s te ao Māori strategy, Matangirua, which aims to ensure the financial services system in Aotearoa is fair, transparent, and trusted for and by Māori. Jacob has been able to transfer his skills and knowledge building the cultural capability of the agency’s 300-plus workforce.
Jacob says it’s an influential role in a world that has taken a bit of getting used to.
“The whole environment is different, the office environment, the way people interact and communicate. Going from the hustle and bustle of a school where everything is moving non-stop, go, go, go, to this quiet office environment. For a Māori person, who sees everything as intertwined and interconnected, it took a bit of time adjusting to a new way of life.”
And the adjustment went both ways!
When he first started at the FMA, Jacob says, “Some of our kaimahi were like, “This mahi is important, but how does this fit or connect to our specific roles.” But over the last year, this has started to change as they have worked together to understand barriers and opportunities that might not have been obvious at first. “It’s another lens we can apply to our mahi, a whole other way of looking at and understanding our environments relevant to us here in Aotearoa, not to mention, we have responsibilities and obligations to support Te Tiriti o Waitangi,” Jacob reflects.
His new co-workers, he says, have come a long way. “It has been really rewarding to see some major shifts in understanding. It is the same experience you have as a teacher in school when you see people step out of their comfort zones, grow, and have the courage to try new things, apply new skills, and knowledge.”
Building an Enabling System for Māori
Jacob says the main purpose of his role is to support the financial services system in Aotearoa in enabling Māori to participate as Māori. Understanding what the financial system looks like for Māori is a key part of his mahi.
Over the past year, he says his team’s focus has been on gathering the hard evidence needed to challenge the status quo.
"Some of our findings aren't necessarily new to our Māori communities, but they’re not always well documented," he explains. "But now, we’ve completed the research and reports to back it up - from how whānau Māori navigate savings and investments, to case studies tracking Māori-led businesses during pre-licensing, to our latest research on tangata whenua experiences in the insurance sector."
The impact of this work is already having effects beyond the FMA itself. External agencies and key regulatory partners are incorporating the findings to reshape their own policies, with reports even being picked up by international media such as Bloomberg.
"When you realise the wider potential, it’s huge," he says. "It opens up a whole new avenue for approaching financial services. It can benefit not only Māori but any community that shares similar values or collective structures and ways of being."
A Different Kind of Teaching
When it comes down to it, Jacob says he hasn’t really left teaching behind!
"In a way, I’m still teaching - I’m just teaching colleagues and regulatory leaders now," he comments. "My role is to build our teams’ capability to engage effectively with iwi, hapū, and other Māori communities. It’s about clearing the pathway so more Māori see financial services as a safe space for them, to encourage growth and innovation."
Witnessing teams embrace and understand te ao Māori (the Māori worldview) has been one of the most rewarding aspects of his new journey.
"It’s about giving our kaimahi a new lens to look through, building our understanding, and applying new learnings to continue to serve and meet the needs of our communities better—that growth is incredible to be a part of”.
Ka pai, Matua Jacob De Berry. It was great hearing about your journey, and we love seeing you back at Dilworth when you visit, or when our students gain work experience at the FMA.
What is the FMA? The Financial Markets Authority (FMA), Te Mana Tātai Hokohoko, is Aotearoa New Zealand's main financial conduct regulator and an independent Crown entity.
The role of the FMA is to ensure: Fair markets: Ensuring financial services operate fairly and transparently. Efficiency: Promoting well-functioning capital markets. Confidence: Enhancing trust and participation for investors and consumers