Following the Rules

Governance expert Vera Cherepanova on why ethics and compliance professionals need a more influential voice in the boardroom, and the obstacles standing in their way

Today’s guest is on a mission to bring ethics and compliance to the top table.
She explains why ethics and compliance professionals should be given a seat in the boardroom and what’s stopping them from getting there. 
She also discusses how businesses and their compliance executives can best navigate today’s increasingly fragmented regulatory environment, and she shares practical steps boards can take to embrace ESG and DEI principles amidst ongoing backlash without getting caught in the crossfire.
Vera Cherepanova has spent two decades working in audit, compliance, and ethics, including roles at global professional services firm EY and as an independent adviser to companies worldwide. Since 2024, she has worked as the executive director of Boards of the Future, a nonprofit working with boards, professionals, and investors in the US, UK, and EU to ensure ethics, compliance, and risk experts have a voice in corporate governance.
 
Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation...
 

TP ICAP's Nik Bunney on rethinking surveillance at the world’s largest interdealer broker and what the City needs from the FCA on non-financial misconduct

Today’s guest explains how the world’s largest interdealer brokers is rethinking its approach to surveillance. 
He outlines the benefits of adopting a more behaviourally led methodology to monitor financial services workers’ conduct, which he says provides a more holistic view of workplace culture when run alongside traditional surveillance.
He details the common mistakes finance bosses should avoid when seeking to measure workplace conduct and culture. And he discusses what guidance the Financial Conduct Authority must provide the market to ensure its efforts to more closely track City worker’s non-financial misconduct are truly effective.
Nik Bunney spent just under 13 years as a broker before moving into compliance monitoring in 2018. He joined broking giant TPICAP in 2023 and since 2024, he has run its targeted surveillance team. He will be explaining exactly what it is that department does in this episode. 
 
Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation...
 
***PODCAST NOTES***
Behavioural risk experts Dr. Wieke Scholten and David Grosse outline where the banking sector and its regulators are going wrong in their approach to managing their cultural concerns
ABCD: Finding Happiness through Awareness, Values, Principles, and Actions
 

Melissa Gallagher, JP Morgan's EMEA head of compliance, on future-proofing the back office amidst technological and regulatory change

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. 
 

Alan Houmann, Citigroup's former government affairs head in Emea, on navigating rising populism and what not to do in response to "disturbing" government policies

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. 

London Stock Exchange CEO Julia Hoggett on the changes needed to boost the City and its capital markets

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. 

Special episode: Smarsh's Kim Crawford Goodman and CallCabinet's Ryan Kahan on the regulatory trends set to shape communications surveillance in 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.
 

FCA CEO Nikhil Rathi on his to-do list for 2025, the regulator's future, and life at the helm of the City watchdog

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. 

IA's Chris Cummings calls on lawmakers and regulators to agree a 'common vision' with the investment management sector and outlines the rules that must be cut in the drive to boost UK growth

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.

Behavioural risk experts Dr. Wieke Scholten and David Grosse outline where the banking sector and its regulators are going wrong in their approach to managing their cultural concerns

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.  

UK Finance's David Postings on what should follow the government's drive to bolster the City's growth and competitiveness, and why it's time for Meta to step up its efforts to combat fraud

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.