Explore every episode of the podcast Following the Rules

Today’s guest discusses the Financial Conduct Authority’s to-do list for 2025 and outlines what City firms should and should not expect from the regulator as it seeks to prioritise growth and competitiveness in the coming months. He details the challenges commensurate with this new approach that he would like lawmakers to be more aware of.  He also opens up about life at the helm of the City watchdog, his strategies for copying with the “intense public scrutiny” that has dominated his tenure as CEO of the FCA, and plenty more in between.

Nikhil Rathi’s 23-year career includes several senior roles within previous Labour, Conservative and coalition governments’ Treasury departments and just under five years as chief executive of the London Stock Exchange plc.  

Since 2020, he has overseen regulation of the UK financial services sector as CEO of the FCA. 

Today’s guest calls on the government and City regulators to agree a “common vision” with the investment management industry to better enable those working in the sector to generate long-term growth in the UK.

He details the areas where he believes the Financial Conduct Authority “still needs to demonstrate that they have completely understood” the government’s drive to make the UK a more attractive investment destination.

He also explains why he supports calls to get rid of what he sees as unnecessary red tape introduced under the Senior Managers and Certification regime, and plenty more besides. 

Chris Cummings’ career spans four decades and includes several senior posts in the industry, as well as within global consulting firms. He was the founding chief executive of lobby group TheCityUK from 2010 until 2016 when he became CEO of the Investment Association, the trade body for UK-based investment managers.

Today’s guests explain where they believe banks and their regulators are going wrong in their efforts to “fix” the sector’s cultural issues.

They detail how lawmakers, financial bosses and their supervisors can best ensure that ongoing and increasing efforts to loosen rules governing behaviour in the industry don’t lead to a repeat of previous banking crises.

And they outline why they believe it is critical that the industry and all its stakeholders take steps now to better understand “the complex behavioural landscape” in which they operate.

Dr. Wieke Scholten is a social and organisational psychologist with a particular focus on the financial services sector. Her 21-year career includes five years as a senior supervisor of behaviour and culture at the Dutch prudential regulator DNB and two years as head of behavioural risk at NatWest. 

David Grosse’s 30-year career, meanwhile, includes several senior audit, risk and COO positions at various banking giants including Barclays and HSBC. In 2017, he formed a behavioural risk team within HSBC Global Banking and Markets, which he then ran until leaving the bank in 2022 to work as an independent consultant advising organisations on conduct, culture and behavioural risk.  

Today’s guest discusses how finance executives and their regulators can best support the government’s efforts to drive growth and competitiveness in the UK’s financial services sector. 

With that in mind, he outlines why he believes it is important to debate whether the Financial Conduct Authority has taken the right approach in its recent efforts to better protect UK consumers. 

And he calls out tech giant Meta for “not doing enough” to stem the volume of fraud taking place on its platforms. 

David Postings’ 40-year career in financial services includes several senior roles at some of the UK’s largest banks including Barclays and Lloyds Bank. In 2021, he was appointed chief executive of UK Finance, the voice of the UK’s banking and finance industry. 

Today’s episode is a special one produced in association with Smarsh, a global technology firm providing global financial services companies with the tools to capture, store, and monitor their communications. 

Today’s guests discuss how organisations are responding to increasing regulatory pressure to improve their awareness of any non-financial misconduct occurring within their workforce.

They outline the major challenges arising from this requirement to monitor for such indicators of toxic culture, and they explain how artificial intelligence tools can best be used to address these issues.

Shaun Hurst previously managed technology for Citigroup’s security and investigations teams in Asia-Pacific and Europe, the Middle East and Africa. Since 2022, he has worked as Smarsh’s principal regulatory advisor.    

Paul Taylor is a former senior IT executive for UBS’s legal, compliance, risk and internal audit functions. Since 2021, he has worked as the vice president for product management for Smarsh's Enterprise Conduct solution.

Today’s guests outline where financial institutions are going wrong in their efforts to address their cultural shortcomings.

They discuss the practical steps that those managing finance workers can take to meaningfully improve the culture within their organisations and they outline how regulators could best support their efforts.

They also explain how such changes, and the cultural improvements deriving from them, can ultimately add value to the businesses embracing them.

Britt Johnston’s 30-year career includes 26 years in various senior roles on bank trading floors. In 2020, she took on responsibility for the UK conduct and culture programme at Natixis before being promoted in 2022 to oversee the investment bank’s conduct and culture initiatives in Europe, the Middle East and Africa.

Tina Mavraki’s 26-year career includes stints at banking giants Citigroup and Morgan Stanley. Since 2018, she has worked as a portfolio non-executive board director and strategic adviser for several financial institutions and research groups including Cambridge University’s Centre for Climate Engagement.

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FURTHER READING:

Leadership insight: corporate culture | Cambridge University’s Centre for Climate Engagement

Five Truths (and a Lie) About Corporate Transformation | BCG

Risk Cultures and Banking: Where next? | ACCA

Bank climate commitments are not effective - Green Central Banking | ECB report

Today’s guest outlines how she expects regulators to push financial institutions to keep better track of their employees’ behaviour.

She discusses how finance firms should be modernising their staff surveillance programmes in response to this regulatory focus and explains how those tasked with monitoring finance workers’ behaviour can best encourage their bosses to spend the money required to ensure such changes are successful.

She also details what skills those working in financial institutions’ surveillance functions must develop to stay relevant amidst this growing pressure to innovate.

And she should know. Because Emily Wright’s 25-year career includes stints overseeing the compliance functions and surveillance programmes in Asia Pacific for financial services giants Standard Chartered, JP Morgan and ICAP. Since 2023, she has advised financial institutions on their compliance and conduct as an independent consultant.

Today’s episode is a special one produced in association with Smarsh, a global technology firm providing financial services companies with the tools to capture, store, and monitor their communications.

Today’s guest discusses how financial institutions are changing their communications surveillance programmes in response to an increasing regulatory focus on this space.

He details how generative AI is transforming both communications surveillance technology and the role of the professionals tasked with using such tools.

He also outlines how finance bosses and compliance teams can develop best-in-class surveillance processes.

Brandon Carl is executive vice president for AI and product strategy at Smarsh.

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Podcast notes

Smarsh's off-channel e-book: https://www.smarsh.com/off-channel-communications-emerging-best-practices

Today’s guest discusses how he expects the Labour administration will prioritise a long list of pending financial services reforms inherited from the previous government.

He explains how such a reform programme could be interpreted to provide City bosses with the clarity they seek as to how the government will address perceived tensions between its planned pro-growth agenda and its commitments to better protect consumers.

And he outlines what upcoming and current pain points regulators and lawmakers must work to address now to avoid the risk of the UK falling behind.

Conor Sewell brings a useful perspective to all these topics having worked as an analyst for the Bank of England's Capital Markets Division, and as Senior Policy Advisor for the Treasury’s Financial Services Group. Since 2023, he has advised some of the world’s biggest financial services companies on policy, and politics as a director at political advisory group Forefront Advisers.

Today’s guest outlines what’s to come in a new package of tougher global capital requirements known as Basel 3.1. He explains how banks can best prepare for the reforms and discusses the prospects of a delay to their implementation in the UK.

He outlines how the Prudential Regulation Authority is responding to a new obligation to consider the impact of their activities on the UK’s growth and competitiveness. He also opens up about life at the helm of the UK’s top finance regulator, his thoughts on what he’ll do once his tenure as CEO of the PRA comes to an end, and plenty more in between. Sam Woods’ career began at consulting giant McKinsey, and includes 23 years guiding or advising on various aspects of UK financial services policy and regulation.  Since 2016, he has overseen the UK banking and insurance sectors as head of the PRA and the deputy governor of the Bank of England.

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Links of note:

Monsters in the deep? − a speech by Jonathan Hall, the Bank of England's external member of the Financial Policy Committee, referenced by Sam Woods around 32 mins into the episode.

The 'Carrington Event' − referenced by Sam Woods 40 mins into the episode.

Today’s guest explains why the UK could be sleepwalking into a new compliance scandal, and he details where such a blow-up might originate.

He outlines how he believes financial services regulation could be improved – both by policymakers in government and the regulators themselves.

And he details what opportunities for financial services reforms he believes the new Labour government should prioritise in the months ahead.

Gavin Stewart’s career includes 13 years at the Bank of England, 10 years at the Financial Conduct Authority’s predecessor the Financial Services Authority and just under four years at the FCA, including a two-year stint as its chief risk officer.  He worked at consulting group Grant Thornton for six years before leaving in early 2023 to write a book.

Today’s episode is a special one produced in association with Symphony, a secure and compliant communications and technology platform built for financial markets & trading teams.

Today’s guest details how bosses at some of the world’s largest financial institutions are responding to increasing regulatory pressure to keep track of their employees’ communications across myriad messaging platforms.  

He outlines how compliance professionals and their bosses should best navigate the rapid proliferation of AI tools within the financial services sector. And details how he expects communications surveillance compliance to develop in response to the challenges ahead in 2024 and beyond.

Ben Chrnelich is president and chief financial officer at Symphony.

With just days to go until the UK goes to the polls, today’s guest outlines what City executives can expect from a Labour administration. He discusses how he expects the relationship between the new government and finance watchdogs to develop and why regulators may well see a new secondary objective land on their plate.

He also details how he believes relations between the UK and the European Union will change following elections in the bloc, and will change following elections in the bloc, in ways that could ultimately be beneficial to the financial services sector.

Sander Schol’s 20-year career includes stints helping to decipher policymakers and governments’ approach to financial services for bosses at some of Europe’s largest financial institutions, including JP Morgan and BGC Partners. Since 2021, he has advised businesses on policy relating to financial and digital services as head of European public affairs at political consultancy Hanbury Strategy.

Today’s guest calls on politicians on both sides of the UK’s political spectrum to reconsider their ambivalence towards the City and to do more to promote its achievements in the run up to next month’s election and beyond.

He outlines where fund managers and regulators may want to rethink their approach to investments within the environmental, social and governance space.

He also explains how finance workers can best navigate upcoming and increasing geopolitical volatility, and plenty more in between.

Saker Nusseibeh is Chief Executive of the London arm of Federated Hermes, a US investment manager with $778bn in assets under management. In 2020, he was named a Commander of the Order of the British Empire in the Queen’s New Year’s Honours list for services to Responsible Business and Finance.

Today’s episode is a recording of a recent panel discussion at the annual conference for the Quoted Companies Alliance, which is an organisation that campaigns for the UK’s community of small and midsized publicly traded businesses and the firms that advise them.

I was invited to moderate a panel on what more our regulators can do to support capital markets for companies of all sizes and we discussed where regulators and policymakers have hit the right mark in their efforts to bolster London’s capital markets, where they have missed opportunities, how market participants themselves need to step up to support their efforts and plenty more in between.

I hope you enjoy it. 

Today’s episode is a little different to normal. It is a recording of a recent panel discussion from City Week’s AI in Financial Services Leaders Summit which took place in London last week.

I was invited to moderate a panel on the transformative potential of generative AI and we discussed interesting use cases for genAI in the financial services space, how boards and senior managers can best manage the risks relating to the new technology, how regulators could help market participants embrace the opportunities presented by GenAI responsibly and plenty more in between.

I hope you enjoy it.

Today’s guest outlines how he is shaping the Financial Reporting Council into a “more strategic” organisation focused on proportionate oversight of auditors, accountants and actuaries.

He explains what support he needs from lawmakers and industry as he navigates that task, alongside setting standards and codes in the public interest, and discusses the FRC’s changing regulatory priorities more broadly in the face of shifting political and market dynamics. 

Richard Moriarty’s career spans three decades and includes stints as CEO of the UK’s Civil Aviation Authority and as partner at political risk consulting firm Flint Global. In October 2023, he took over as CEO of the Financial Reporting Council.

Today’s episode has been produced in partnership with City Week, an annual agenda-setting international financial services forum which brings together more than 1,000 senior decision-makers from UK and overseas financial institutions for a comprehensive programme of cutting-edge presentations, panel discussions, social events and networking.

Today’s guest will be speaking at City Week on the growth prospects for sustainable finance and investment post-COP28. And it is in that context that she spoke with Following the Rules about how lawmakers and financial services executives can best support the global transition to a net zero economy. She also offers her views on how UK policymakers could encourage more companies to list in London.

She outlines how she believes the investment management industry should approach international investment decisions over the long term and navigate upcoming and increasing geopolitical tension and political uncertainty globally.

And she offers advice on how to get comfortable being “the only woman in the room” in a male-dominated industry.

And she should know. Because over the course of a 23-year career, Sonja Laud has held several senior roles within the asset management industry including a stint as head of equity at Fidelity International. Since 2019, she has worked as Chief Investment Officer at Legal & General Investment Management.

Today’s episode is a special one produced in association with Global Relay, a technology firm providing global financial services firms with the software to capture, store and monitor their employees’ communications.

Today’s guest discusses how financial institutions in the US and UK are responding to regulatory pressures to more closely track their employees’ communications, as well as to foster operational resilience and promote good conduct amongst their staff.

He explains why one particular compliance tool is proving especially effective in helping firms promote good behaviour amongst their workforce and outlines how some finance bosses are starting to push back on regulators’ aggressive record-keeping clampdown.

He also offers guidance on how financial institutions can best use technology to address their emerging compliance risks, including a check list of essential questions he believes everyone should ask any prospective regulatory technology provider.

Alex Viall is the Chief Strategy Officer at Global Relay.

Today’s guest discusses the policy and regulatory outlook for artificial intelligence in the US, UK and EU and outlines how policymakers, regulators and City bosses can best manage the risks arising from the financial industry’s increasing use of AI technology. 

She details the policies that she would like politicians in the US and UK to prioritise ahead of elections in both jurisdictions.

She outlines how finance giants’ government affairs heads can best navigate these upcoming elections (and a potential return of President Trump).

And calls on politicians to avoid “political point scoring” in the run up to both votes.

Lisa Rabbe has spent more than three decades guiding some of the world’s largest financial institutions through regulatory and policy changes affecting their businesses. Her career includes stints as head of government affairs for Europe, Middle East and Africa at US giant Goldman Sachs and Chief Government and Public Affairs Officer at credit rating agency Moody’s.

Today’s episode is a special one produced in association with Global Relay, a technology firm providing global financial services firms with the software to capture, store and monitor their employees’ communications.

Today’s guest outlines how financial services companies and their regulators are preparing for an expected clampdown on employees’ social media use. He outlines how an increasing regulatory focus on City workers’ behaviour in and out of the day job is changing their bosses approach to capturing and monitoring their communications. And he details how firms are using new technology to address compliance pain points when dealing with communications supervision.   

Rob Mason is director of regulatory intelligence at Global Relay.

Today’s guest outlines how finance bosses can best support those running their risk, audit, and compliance functions to avoid serious disruptions in future.

He cautions that without such investment in their governance, regulatory and controls functions, financial institutions risk inducing regulatory fatigue and provoking “flight risk” amongst valued senior staff.

He also details how he believes senior risk, audit and compliance professionals should navigate today’s job market and changing work environment, and plenty more besides.

Alex Keetch is Managing Director at Halsey Keetch, an executive search firm that specialises in placing senior leaders onto financial services company boards and within their risk, compliance, financial crime, and internal audit departments.

Today’s episode is a special one produced in association with Global Relay, a technology firm providing global financial services firms with the software to capture, store and monitor their employees’ communications.

Today’s guest highlights the surveillance blind spots that pose “massive” compliance risks to large sections of the financial services industry. She explains why an aggressive clampdown on bankers’ WhatsApp use, as seen in the US, is unlikely to be copied by UK watchdogs. And she details how a regulatory crackdown on City workers’ behaviour outside of the day job is influencing their bosses approach to capturing and monitoring their communications.

Jennie Clarke is head of content at Global Relay.

Today’s episode is a special one produced in association with Smarsh, a global technology firm providing regulated organisations of all sizes with cloud-native digital communications capture, retention, and oversight solutions to help them identify regulatory and reputational risks within their communications data before those risks become fines or headlines. 

Today’s guest details what he believes will be this year’s most pressing challenges for compliance professionals tasked with monitoring their employees’ communications.

As part of that, he offers guidance to compliance teams navigating the rapid proliferation of AI tools within the financial services sector, as well as to those responding to regulatory pressure to more closely track their employees’ use of encrypted messaging apps like WhatsApp, Signal and Telegram.

He also details how he expects communications surveillance compliance will develop in response to the challenges 2024 brings. And plenty more besides.

Shaun Hurst is Smarsh’s principal regulatory advisor for Europe, the Middle East and Africa.

Today’s guest discusses UK regulators’ recent proposals to foster diversity and inclusion in the City, including the aspects of the measures she would like to see given more consideration and the role finance bosses must play to ensure the initiative’s success. 

She details how AI tools are being used to adapt the role of the compliance officers she manages and the skillset she believes will be required for future compliance officers to succeed.

She also shares her insight on how best to navigate guidance from the Financial Conduct Authority.

And she should know. As Tracey McDermott spent 15 years at the City watchdog including 10 months as its acting CEO before joining global banking group Standard Chartered in 2017 as its group head of corporate, public and regulatory affairs. In 2018, she took on responsibility for the bank’s compliance function and since 2019 she has worked as Standard Chartered’s group head of conduct, financial crime and compliance. She also plays an influential role in several industry reform initiatives which she details in the upcoming episode. 

Today’s guest outlines the three financial services reforms he expects the next government will prioritise. He details where he believes this government has gone wrong in its efforts to establish the UK as a thriving investment hub post-Brexit, and he explains what changes to the financial services sector he believes this government should avoid in order to keep the City as competitive as possible.

Jon McLeod has spent 26 years advising businesses and their bosses on political relations, corporate governance, and reputation management. His career includes stints as head of public affairs at lobbying group Brunswick and as chair of communications giant Weber Shandwick’s UK corporate, financial and public affairs practice, and of its Manchester office. Since 2021, he has worked as a partner at the communications consultancy DRD Partnership where he leads its competition and anti-trust practice.

Today’s episode is a little different to normal. It is a recording of a recent panel discussion from City & Financial Global’s ninth annual 'Culture and Conduct Forum for the Financial Services Industry'. I was invited to moderate a panel on moral capitalism and we discussed how financial services can best link their profits with their purpose, how the newest intake of graduates are influencing firms decisions as they define and promote their purpose internally and externally, the transition to net zero and plenty more in between. I hope you enjoy it.

Today’s guest outlines what UK lawmakers have missed in their efforts to address the fallout from the cost-of-living crisis. He details what policy changes the next government should prioritise to prevent long-term damage arising from the aftermath of the crisis. And he explains how the Financial Conduct Authority’s new consumer-focused rules should best be implemented to support financial services firms’ most vulnerable clients. 

Peter Tutton has spent two decades advising on mortgage, credit and related consumer policy. Since 2012, he has lobbied for regulatory reforms to help consumers in financial difficulty as head of policy at StepChange Debt Charity.

Today’s guest outlines how the UK can best prepare for a move to a cashless society. He calls on lawmakers to do more to guide those uncomfortable with that move through the transition to a digital economy and explains why any such digital inclusion programme must start with a clampdown on the UK’s “big” digital fraud problem.

John Howells is a former banker and consultant who has run the UK’s cash machine network since taking over as chief executive of cash machine provider LINK in 2012. In 2022, he also took on the role of Commissioner for the UK’s Financial Inclusion Commission.

Today’s guest outlines why consumer advocacy should matter to those working in financial services and how those in the sector who agree can best get their voices heard.

He details what he would like to change about the UK markets watchdog the Financial Conduct Authority and UK regulation in general. And he discusses why he believes a “derisory” compensation package has been offered to investors who fell victim to the failed fund run by former star stockpicker Neil Woodford.

Mark Bishop is a consumer activist. Since 2020, he has been volunteering for the Transparency Task Force, a consumer advocacy body, on strategy, campaigning and public policy matters. Since 2020, he has also served on the Secretariat of the All Parliamentary Party Group on Personal Banking and Fairer Financial Services.

Today’s episode is a special one produced in association with Smarsh, a US-headquartered technology firm providing global financial services companies with the tools to capture, store, and monitor their communications.

Today’s guest outlines how he expects the rise of artificial intelligence tools to change the way in which financial institutions’ run their compliance divisions and how compliance professionals, and the regulators they answer to, can best navigate the new world of AI. In particular, he explains compliance’s role as a critical enabling function for finance bosses looking to capitalise on the opportunities AI offers in a secure way.

Tom Padgett is the General Manager of Smarsh’s Enterprise business, which serves the needs of the world’s largest banks and financial services organisations.

Today’s guest calls on City executives to play a more proactive role in guiding regulators and policymakers in their efforts to both future-proof and foster competition within the UK’s financial services sector.

She discusses how she believes the UK’s financial sector and its regulators can best navigate the vast programme of regulatory change derived from such efforts to bolster the City post-Brexit.

And she outlines the mindset shift required to establish yourself as a go-to adviser to governments and lawmakers.

And she should know, because Rachel Kent is a senior financial services lawyer who became one of the City’s most called-upon authorities on financial services reform in the wake of Brexit. She has since been invited to advise on or lead several of the government’s post-Brexit reviews of rules governing the UK financial services sector. She now acts as lead adviser to the government’s Treasury department on financial services matters.

As a senior partner in the global financial institutions group at law firm Hogan Lovells, she advises the largest banks, asset managers, insurers, and financial market infrastructure firms on financial regulation.

Today’s guest discusses why he believes London has lagged other financial centres in recent years. He outlines the issues within UK financial services he believes City watchdogs should prioritise to strengthen London as a financial centre and as a listing exchange amid what he sees as a post-Brexit crisis of confidence.

He also details what measures policymakers can take to boost London’s appeal and competitiveness in the lead-up to the upcoming general election.

Craig Coben is a former investment banker with more than 25 years of financial industry experience. He began his banking career at Deutsche Bank in 1997, before moving to Merrill Lynch (now Bank of America) in 2005 where he most recently served as the US bank’s vice-chairman of global capital markets in London and its co-head of global capital markets for its Asia-Pacific region based in Hong Kong. He retired from investment banking in 2022.

Today’s guest outlines the changes he believes are necessary to future-proof both the UK’s finance regulator the Financial Conduct Authority and the country’s top prosecution agency the Serious Fraud Office. And explains why it’s vital for the two organisations to begin working together more effectively.

He also discusses how the UK’s accountability regime for senior City staff could be improved, where the City needs clarity from the government as to its Brexit plans and plenty more in between.

Matthew Nunan spent six years as a case controller at the SFO, and seven years at the FCA, where he was latterly ran the regulator’s wholesale enforcement department, before moving to US bank Morgan Stanley as head of conduct risk for Europe, the Middle East and Africa in 2014. Since 2020, he has worked a partner in the dispute resolution practice at law firm Gibson Dunn. 

Today’s guest discusses his tenure as chair of the UK finance regulator the Financial Conduct Authority including his highs and lows in the role, and his advice for those now running the watchdog. He also outlines what unfinished business he had on leaving the FCA, and in doing so explains why “the time is now” for UK policymakers to do more to stamp out financial exclusion in the country.

Charles Randell spent 24 years as partner in the corporate finance practice at law firm Slaughter and May and was the lead external lawyer for the government during the global financial crisis before joining the Bank of England in 2013 as a member of the Prudential Regulation Committee and then becoming chair of the FCA in 2018. He left his post in 2022 and has since worked as a Visiting Fellow in financial services regulation at Queen Mary University of London.

As UK watchdogs continue their drive to stamp out aspects of poor culture within the financial services sector, those tasked with responding to the many ongoing and upcoming regulatory requirements can easily feel overwhelmed.

Today’s guests outline what financial services bosses and board should do to cut through the regulatory noise while still building ethical organisations, as well as the common mistakes they should avoid.

They also detail the regulatory changes they would like to see emerge from the government’s latest package of proposed Brexit reforms and they discuss the questions they would like to see UK lawmakers answer as they seek to map out the City’s future outside of the EU.

Jan Putnis is a partner at law firm Slaughter and May, where he oversees its Financial Regulation Group and co-Heads its Financial Institutions Group.

Roger Miles is a behavioural risk expert with a PhD in the psychology of regulatory design. Since 2016, he has led lobby group UK Finance’s Conduct and Culture Academy as it’s co-founder and faculty leader.

Today’s episode is a deep dive into the culture of the UK’s top financial watchdogs: the Financial Conduct Authority and the Prudential Regulation Authority. In it, I reveal that the FCA received 38 allegations of bullying, harassment racism and discrimination taking place within its ranks in 2020, 2021 and 2022, while the PRA received three such reports from amongst its workforce over the same time period.

Together with today’s guests, we discuss the action the FCA and PRA should take as a result of these allegations, how news of these claims could affect regulators’ efforts to police similar misbehaviour amongst finance workers and plenty more in between.

Penny Miller is a partner at law firm Simmons & Simmons, and heads their global financial services regulatory practice.

Christian Hunt’s career includes stints as chief operating officer at the PRA and global head of compliance and operational risk at UBS Asset Management. Since 2019, he has run Human Risk, a consultancy and training firm specialising in advising company bosses on behavioural science, ethics and compliance, and a top-rated podcast of the same name.

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In response to the topics covered in this podcast, a spokesperson for the FCA said its staff were passionate about *its work and making the FCA the best organisation it can be.  "We have a culture where people feel they are able to speak up and raise issues if they feel they haven't been treated correctly," the spokesperson said. "As the stats show, where concerns are raised we investigate them thoroughly and fairly."

The spokesperson added: "Non-financial misconduct is unacceptable and we will continue to raise it as an issue with firms."

A spokesperson for the PRA declined to comment. 

Today’s guest outlines how she expects financial services bosses and the policymakers setting their rules will adapt to a “paradigm shift” in global geopolitics that will see China get increasingly assertive, US more protectionist and Russia more aggressive. She details the investment opportunities that she believes will arise from these changes to geopolitical dynamics and the likely regulatory reaction to that. And she explains how finance companies can prepare now for a “mega” 2024 in which the UK will likely see a change in government, the US could be navigating a return of President Trump and Mexico, India, South Africa, Russia, Ukraine and the European Parliament will also be holding elections.

Tina Fordham is a geopolitical strategist who has spent two decades advising prime ministers and bosses at some of the world’s largest financial institutions, as well as institutional investors and the United Nations about the implications of global political, security and socio-economic developments. Her career includes stints at US banking giant Citigroup and political risk consultancy Eurasia Group. In 2022, she founded Fordham Global Foresight, an independent consulting firm, where she advises UK and European boards and bosses on macro geopolitical changes affecting their businesses.  

Today’s guests detail the opportunities they believe that lawmakers missed when drafting their plans to regulate crypto-assets in the UK. They explain how financial services regulation could be improved if the industry’s watchdogs did more to integrate technology underpinning crypto-assets into their operations. And they offer advice to compliance and regulatory execs looking to make the jump from working in traditional finance to roles within crypto.

Andrew Henderson has spent two decades in financial services law. Since 2022 he has worked as a partner in law firm Goodwin Procter’s private investment funds and financial industry practice, where he advises companies on financial services regulation and risk management as well as on fintech and cryptoassets.

Alex Royle is a former trader who spent five years working for UK and EU regulators before moving into crypto. Since 2022, he has worked as head of compliance and regulatory affairs for Europe, the Middle East and Africa at the crypto-focused investment bank Galaxy Digital.

Today’s guest outlines what City bosses are getting wrong in their efforts to improve the culture of the organisations under their management. He explains the anthropological tools that financial institutions’ boards and leaders could use to both better understand the causes of - and prevent - bad behaviour amongst their employees.  And he outlines how he believes both UK regulators and UK regulation needs to change in order to improve conduct within the financial services sector. 

Roger Steare is known professionally as the Corporate Philosopher. He has spent two decades advising the bosses and boards of some of the UK’s largest financial services companies and financial regulators on how to build ethical organisations.

Today’s episode is a special one produced in association with Clausematch, a regulatory technology company providing financial services companies in the UK, US and Asia with solutions to address challenges within policy management and regulatory change.

Today’s guests call on financial services regulators globally and the companies they supervise to work together now to automate the processes around changing and implementing rules.

They also explain how a first-of-its-kind project that they’ve been working on could not only help to kick start an industry drive to digitalise regulatory change, but also fundamentally reshape compliance processes and resourcing at financial services companies at a time when regulatory change programmes are  is only getting more complex time.

Evgeny Likhoded is CEO and founder of Clausematch. Aleksandra Wawrzyszczuk is head of LawTechUK, a government-funded programme driving innovation in the UK’s legal sector. 

Today’s guest outlines how the UK’s markets watchdog is adapting the way it works and resources its teams to ensure it is fit to meet its ever-expanding remit.

She calls on City workers to be “a bit more understanding” about the Financial Conduct Authority’s limits as it navigates this growing to-do list, to speak out if the regulator is “getting something very, very wrong” and for finance bosses to speak up if they want to find a way for their employees to help the FCA with its workload.

She also discusses what changes the FCA wants to see amongst the financial services companies and individuals it supervises and the cultural red flags that the watchdog is “most sensitive to”.

Emily Shepperd worked as director of customer services and change at pensions group Aegon UK, and as chief operating officer for Europe, the Middle East and Africa at Bank of New York Mellon before joining the FCA in early 2021. Since then, she has led the FCA’s authorisations division, which the regulator describes as “the gateway” for firms and individuals aiming to work in finance. In 2022, she added the role of FCA COO to her remit and took on responsibility for future-proofing the regulator via its transformation agenda.

Today’s episode is a special one produced in association with Smarsh, a US-headquartered technology firm providing global financial services companies with the tools to capture, store, and monitor their communications.

Today’s guest outlines why it’s imperative that regulators and the financial services firms they supervise work together now to determine industry best practice for modernising compliance. He also explains how it’s possible for City firms to continue to prioritise innovation in their back office in today’s tough economic environment. And he details the common mistakes finance bosses must avoid when seeking to more closely track their employees’ mobile communications amidst a widespread regulatory clamp down on firms’ use of monitoring encrypted messaging apps like WhatsApp. 

Goutam Nadella oversees technological innovation and commercial strategy as Chief Product Officer at Smarsh.

Today’s guest  was the first person in the world to be jailed for rigging the London interbank offered rate a benchmark that helped to determine interest rates or mortgages in sizeable corporate loans.

He is also one of the only bankers to be sent to prison after the financial crisis.

Tom Hayes is a former UBS and Citigroup trader who spent half of his 11-year sentence in prison. His release in early 2021 came after the four other former traders convicted in the Libor manipulation scandal had completed their prison terms. Eight others embroiled in the scandal were acquitted without charge.

He had unwittingly made it easy for prosecutors to earmark him for harsher treatment by first cooperating with the UK's serious fraud office, providing them with hours of incriminating interviews before switching tack and deciding to fight his case. The UK's criminal courts did not look kindly upon that move.

In 2017, lawyers for Hayes submitted this case to the Criminal Cases Review Commission, which is an independent body responsible for investigating suspected miscarriages of justice in a bid to have his conviction quashed. His legal team have long claimed that his autism diagnosis ahead of his 2015 trial was not given due consideration in court and has argued that the prosecution used witnesses who were not experts and held back important items of evidence from the defense.

The CCRC has had the option to refer Tom's your case to the court of Appeal if it decides there's a real possibility that his original conviction could be quashed by the court. In late 2021, it decided to provisionally reject his efforts to appeal his case.

Hayes and his legal team have since had the opportunity to push back on that decision and that pushback has become more pronounced last year when a US Court dismissed its criminal indictment against Tom.

In November, the CCRC took the unusual step of inviting Hayes’ legal team to give their views on whether the US Court decision should prompt his conviction to be overturned, which suggests it is reconsidering its earlier position and that Hayes’ six year long fight to clear his name now looks set to be nearing an end.

We discuss his ongoing efforts to clear his names, how he is moving on both personally and professionally from a lost decade, and what today’s finance execs can learn from his story.

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In response to Hayes' comments in this episode, a CCRC spokesperson said:  "This is a large, complex case and no final decision has yet been made by the CCRC on whether to refer it to the Court of Appeal.  However, a CCRC committee is scheduled to meet on 13 March 2023, to discuss and assess the case further.” 

A spokesperson for the SFO said that the prosecution agency's investigations into interest rate rigging had "followed the criminal justice process in England and Wales". "As a result of the investigations, nine individuals either pleaded guilty or were found guilty by a jury,” the spokesperson said. "A number of those convictions have been reviewed by the Court of Appeal and none of them have been overturned."

Today’s guest outlines where in the financial services sector compliance professionals will be able to find new jobs and salary increases in the coming months, and where we can expect a slowdown in recruitment. He details the common mistake finance bosses make when hiring and promoting back-office expertise and how to avoid them. And he explains why – and how – financial services execs must act now to help close the gender pay gap in compliance. 

Jonathan Skerrett is the founder and director at Rutherford, a recruitment firm that specialises in placing compliance officers in roles within the financial services sector. 

Today’s guests set out how financial services firms should best respond to the now myriad and rapidly-changing environmental, social and governance requirements in existence worldwide and the steps they should take now to prepare for formal or informal challenges to their ESG credentials. They outline the role of legal and compliance staff as well as front office executives in such responses and the common mistakes such individuals should avoid. They also discuss the ESG-related challenges that they believe not enough people are paying attention to.

Nicola Higgs advises banks, fund managers and insurers on UK and European financial services regulatory matters as a partner in law firm Latham & Watkins’ London office and global co-chair of the firm's financial institutions industry group.

Simon Welch oversees banking group Credit Suisse’s legal response to sustainability-related matters as its head of legal for sustainability.

***EPISODE NOTES***

During the episode, we discuss five ESG-related questions that boards governing financial institutions should ask themselves. These are listed below.

1. Which aspects of the sustainable finance agenda are relevant to your firm and how do you track, monitor and adapt your corporate strategy in response to this?
2. Do you have the right collective expertise within your executive team to understand the risks and opportunities the ESG transition poses for the business?
3. Who are the key stakeholders involved in the delivery of the ESG transition strategy? Is there a clear understanding as to where responsibility sits within the 3 lines of defence? What are the necessary information flows between these stakeholders?
4. What steps have you taken to ensure that your clients and external stakeholders have a clear understanding of your ESG strategy?
5. What action have you taken to ensure that staff have a consistent understanding of your ESG strategy in the context of your wider corporate purpose?

Today’s guest explains what he believes the right regulatory response to the collapse of crypto exchange FTX would be. He details the policies UK lawmakers and regulators should consider as they seek to more closely police all things crypto while also establishing the City’s as a competitive finance hub post-Brexit. And he outlines what EU policymakers got right and where he believes they went wrong in their regulation of the sector.

Tom Duff Gordon’s 20-year career includes 5.5 years overseeing banking group Credit Suisse’s government relations and regulatory policy in the EU and UK. Since June, he has led crypto exchange Coinbase’s approach to regulatory change outside of the US as its vice president for international policy.

Today’s guest urges UK lawmakers to create a replacement body to the audit, actuarial and accounting watchdog the Financial Reporting Council “as fast as possible”, almost four years after such a move was first recommended.

She lays out the case for the UK government to prioritise better, simpler rule-making over more regulation when looking to reform the UK’s financial services rulebook post-Brexit.

She outlines how boards and investors should best approach increasingly-complicated environmental, social and governance regulation, and offers tips on how to avoid common mistakes when addressing ESG reporting requirements.

Kate O’Neill is a former lawyer whose 30-year career includes stints as director of European funds and hedge funds at asset manager Janus Henderson Investors and managing director for investor relations at Lloyds Banking Group. Since 2020, she has overseen the creation of the FRC’s Stakeholder Engagement and Corporate Affairs function.

Today’s guest outlines how she believes UK lawmakers and regulators can best retain and grow a competitive fintech hub both in a tough economic period and the City’s new post-Brexit era. She details the achievements of the UK’s approach to open banking, and offers advice on how to move this initiative forward. 

These are ideas we should see feed through into action because Charlotte Crosswell is not only completing her mandate as chair and trustee of the Open Banking Implementation Entity, but has recently been appointed as the chair of the Government's new Centre for Finance, Innovation and Technology. Her 26-year career also includes roles as CEO of lobby group Innovate Finance, and president of exchange Nasdaq.

Today’s guest calls out UK finance regulators for their vocal opposition to proposed new government powers that would see lawmakers able to call watchdogs in to explain aspects of their approach to policing the City, arguing that such a stance is both “self delusion” and “constitutionally wrong”.

He calls on the UK’s Financial Conduct Authority to stop seeing City executives as “a bunch of criminals” and do more to engage with financial services professionals. He explains why he believes that reinstating City intelligence gatherers known as ‘grey panthers’ and establishing a proper secondment process at the FCA would ultimately help the watchdog better understand and police the sector.

He also outlines how parliament should best analyse the impact of changes to UK rules post-Brexit, and plenty more in between.

Philip Warland’s views have been crystallised over a 50-year career in financial services, which includes stints at the UK central bank the Bank of England, and banking group Standard Chartered. His last full-time role was at fund manager Fidelity International where he spent seven years leading its government affairs division as its head of public policy until 2017. He now advises several companies on regulatory matters but is speaking to Following the Rules in a personal capacity.