Following the Rules

An insider’s guide to the laws dictating life within UK and EU financial services, the people influencing their development and policing finance workers’ compliance

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Episodes

7 days ago

Today’s guest outlines how the compliance function, and those working within it, can best navigate today’s rapidly changing technological and regulatory environment.
She discusses the industry's response to increasing regulatory scrutiny around surveillance as well as on bankers’ non-financial misconduct.
And she explains why in amongst all the change it is critical that compliance officers do not to lose sight of the “foundational building blocks” of their role. 
Melissa Gallagher has spent 30 years working in various compliance roles most recently at large US banks in London. With a background in sales and trading compliance, she has run the compliance and operational risk function in Europe, the Middle East and Africa for US banking giant JP Morgan since 2019. 
 

Tuesday Mar 11, 2025

Today’s guest outlines how he expects the rightward shift in global politics, from Trump’s resurgence to Europe’s own populist movements, is likely to reshape financial services regulation in the UK and EU. 
He discusses how bank lobbyists and policymakers can navigate these shifting tides, why the industry’s “disturbing” response to the US ban on federal diversity and inclusion programmes must serve as a wake-up call, and how he believes UK and EU policymakers can best drive growth in this era of rising political uncertainty.
And he should know. Because Alan Houmann’s near 40-year career includes stints as an economist at the UK Treasury, advising the European Commission and FCA predecessor the Financial Services Authority on financial services policy, and 16 years leading government affairs across EMEA for US banking giant Citigroup. Since 2023, he has worked as a trustee for thinktank Chatham House and in 2024 he became senior policy adviser to consultancy Rud Pedersen. 

Tuesday Feb 25, 2025

Today’s guest outlines why she believes the government’s efforts to boost the UK’s economic growth are more likely to succeed if they include a fundamental shift in how the City talks about its capital markets and a rethink of how the City’s regulators are incentivised to support the growth mission. She also discusses the remaining regulatory steps needed to encourage more retail and domestic participation in London’s capital markets, and ultimately give the UK’s equity capital markets a long-anticipated boost. 
Julia Hoggett’s career includes several senior roles at some of the world’s largest banks, and a seven-year stint at the Financial Conduct Authority. Since 2021, she has run the London Stock Exchange as its CEO. 

Tuesday Feb 11, 2025

Today’s episode is a special one produced in association with Smarsh, a global technology firm providing financial services companies of all sizes around the world with the tools to capture, store, and monitor their communications. 
Today’s guests discuss the regulatory priorities they believe will have the greatest influence on financial institutions’ communications surveillance programmes in 2025 and beyond. They detail the common mistakes finance bosses must avoid when seeking to respond to these increasing regulatory demands. 
And they outline how the vast volumes of communications data currently being gathered by financial institutions for compliance purposes can also be used strategically to help these same institutions grow their businesses. 
Kim Crawford Goodman is CEO of Smarsh. Ryan Kahan is co-founder and CEO of CallCabinet, a technology firm recently acquired by Smarsh, which captures voice and video communications data.
 

Tuesday Jan 28, 2025

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. 

Tuesday Jan 14, 2025

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.

Tuesday Dec 10, 2024

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.  

Tuesday Nov 26, 2024

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. 

Tuesday Nov 12, 2024

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.

Tuesday Oct 29, 2024

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

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