Today’s episode is part of a special series of Following the Rules produced in association with Simmons & Simmons, an international law firm supporting financial institutions across the global regulatory landscape. The series offers practical insights to help financial services firms navigate legal, regulatory, technological, and cultural change. In this episode, we explore two closely-linked developments set to reshape the compliance agenda: reforms to the UK’s senior managers regime, and the FCA’s new rules on toxic workplace behaviour, which will bring bullying, harassment, and discrimination within the scope of regulatory misconduct from 2026. So, what do these changes mean for senior managers and their teams? How can firms strike the right balance between cutting red tape and maintaining strong accountability? And how should legal, compliance and HR functions prepare for regulator’s growing focus on culture and non-financial misconduct? Joining me to discuss these questions are:Penny Miller, who leads Simmons & Simmons' UK business and is a partner in its Financial Services Regulatory Group, advising global banks and asset managers on complex UK and cross-border regulatory issues and, Andrea Finn, a partner who heads the UK Employment and Pensions Group at Simmons & Simmons, specialising in employment and conduct matters, with extensive experience helping firms navigate the overlap between regulatory and employment law. ---Short on time? You can read the episode highlights on The Banker's Risk & Regulation hub...

Today’s episode is a special one produced in association with Smarsh, a technology firm providing global financial institutions with the tools to capture, store, and monitor their communications. It’s part of a new Following the Rules series providing practical guidance to help financial services firms navigate legal, regulatory, technological, and cultural change. In this episode, we look at a hot-button issue for regulators on both sides of the Atlantic: how banks and investment firms monitor voice communications. Even in an era of instant messaging, the most sensitive deals are still struck over the phone. And that makes voice communications a prime focus for watchdogs worried about misconduct and recordkeeping failures. I’m joined by Ryan Kahan, the executive vice president of voice interactions at Smarsh, who has spent decades helping financial institutions navigate the complexities of voice recording and surveillance. We discuss why regulators are ramping up pressure on firms to capture and store calls, the common mistakes banks make when trying to upgrade their systems, how new technology could transform the field, and what practical steps firms should be taking now to stay ahead.   --- Short on time? You can read the episode highlights on The Banker's Risk & Regulation hub...  

Today’s episode is a special one produced in association with Simmons & Simmons, an international law firm supporting financial institutions across the global regulatory landscape. It also forms part of a new Following the Rules series providing practical, actionable guidance to help listeners and the financial services firms they work for navigate legal, regulatory, technological, and cultural change. In this episode, we turn to the future of work – an area moving rapidly up the agenda. A 2024 survey by the Bank of England and the FCA found that 75% of UK-regulated firms are already deploying or trialling AI and machine learning, particularly in areas like anti-money laundering, and fraud detection. By 2025, firms are beginning to explore more sophisticated and complex use cases. So how will AI reshape the role of legal and compliance teams in financial services? What steps can organisations take to future-proof these functions as innovation accelerates? And what are the risks of failing to adapt? Joining us to share their insights are: Charlotte Stalin, the head of Simmons & Simmons’ financial institutions sector, who advises leading global investment firms and banks on financial services regulation, having joined the firm in 2006. Sarah James, a Partner at Simmons & Simmons, who since 2016 has also led the firm’s flexible legal resource business, Adaptive, as its Global Head. Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation...

Today’s guest discusses how some wholesale financial institutions may be unnecessarily “gold-plating” their efforts to comply with the Financial Conduct Authority’s Consumer Duty regime. She details how the regulator plans to both clarify and simplify its expectations of all firms subject to the far-reaching ruleset. She also discusses the FCA’s plans to help firms, both large and small, navigate the rapid deployment of AI tools across financial services and explains why inclusive product design is important for firms to get right. Charlotte Clark’s career includes stints overseeing policy on various aspects of pensions regulation at HM Treasury and the Department for Work and Pensions, as well as four years as director of regulation at lobby group the Association of British Insurers. She joined the FCA in November 2024 to lead its work on consumer strategy, and broader policy affecting firms across all sectors as the watchdog’s director for cross-cutting policy and strategy. --- Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation

Today’s episode is a special one produced in association with Smarsh, a technology firm providing global financial institutions with the tools to capture, store, and monitor their communications. It also marks the launch of a new Following the Rules series providing practical, actionable guidance to help listeners and the financial services firms they work for navigate legal, regulatory, technological, and cultural change. We’re kicking off with a deep dive into non-financial misconduct - a growing area of regulatory focus. The UK’s Financial Conduct Authority now considers toxic workplace behaviour, such as bullying, harassment, and discrimination, to be conduct that could impact a person’s fitness for regulated roles and signal broader cultural failings. From 2026, the FCA will begin supervising serious cases more closely. So how can firms of all sizes effectively detect, respond to, and minimise non-financial misconduct within their businesses? How do you define what counts as serious bullying or discrimination? And how can organisations ensure change is meaningful, not just a box-ticking exercise? Today’s guests are experts in the subject. Shaun Hurst is Smarsh’s Principal Regulatory Advisor, with a background in managing technology for Citigroup’s security and investigations teams in Asia-Pacific and Europe, the Middle East and Africa. Emily Wright is a compliance and conduct consultant with over 20 years' experience, including overseeing compliance and surveillance programmes at financial services giants Standard Chartered, JP Morgan, and ICAP.

Today’s guest outlines where governments and financial regulators are going wrong in their supervision of the sector. He details where he sees potentially systemic risks mounting and he explains what banks, financial institutions and their supervisors can do now to prevent a significant blow-up from occurring on their watch. Mark Watson is a governance and risk expert whose three-decade career includes stints advising financial institutions on governance and non-financial risks on behalf of consulting giants McKinsey and EY. In 2022, he joined Silicon Valley Bank, to lead a redesign of its management decision-making as its head of management governance. Since the bank’s collapse in 2023, he has been advising financial institutions on corporate governance, risk management, and financial services regulation as the founder of Portcullis Consulting.

Today’s guest explains why global standards for financial conduct could help counter the risk of rising regulatory fragmentation - providing, as he puts it, “the glue to hold diverging rule books together.” He outlines how a robust governance framework could help financial institutions better tackle toxic workplace behaviour. He explains why he believes a central repository for authenticated data may be key to fighting AI-generated fakes. And he opens up about the Financial Markets Standards Board’s ambitions to expand its global footprint and its membership. Myles McGuinness’s 30-year career includes two decades - and several senior roles - at UK lender NatWest Markets. He spent two years establishing the bank’s capital markets business in Europe as its EMEA head of Financing and Risk Solutions before leaving in 2021 to lead the FMSB as its CEO.

Today’s guest calls on regulators and policymakers to stop seeking to regulate alternative asset managers like they’re banks. She details how policymakers can best rethink the regulatory framework for the non-bank sector to benefit not only alternative asset managers but also the financial sector more broadly. And she explains how a push to harmonise the rulebooks between competing financial hub could also help with a broader push to bolster jurisdictional competitiveness. Jillien Flores is a regulatory affairs specialist whose 17-year career includes seven years at government relations firm Porterfield, Lowenthal, Fettig & Sears where she helped to shape several of the US’s landmark regulatory response to the 2008 financial crisis, including the Dodd-Frank Wall Street Reform  She spent six years advocating on regulatory issues for asset manager Vanguard before leaving in 2021 to join the Managed Funds Association, a trade group representing the world's biggest hedge funds, where she now serves as Chief Advocacy Officer.   ---Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation

Today’s guest pinpoints the “very technical” but overly complex regulatory requirements underpinning financial markets that he believes regulators could rethink to generate “big savings” for both themselves and the market participants they oversee. He discusses the lessons he would like to see industry players take on board and the changes he believes policymakers should consider in their efforts to prevent a repeat of recent high-profile failures including the collapse of Swiss lender Credit Suisse and family office Archegos. And he should know. Because Edwin Schooling Latter’s career not only includes just over a decade overseeing critical aspects of wholesale market policy and supervision on behalf of the Bank of England and the Financial Conduct Authority but also eight months as Credit Suisse’s primary relationship manager with the Prudential Regulation Authority and the FCA during the bank’s collapse. He spent a year as senior international policy adviser at UBS, following its acquisition of Credit Suisse, before joining Japanese bank Mizuho in late 2024 as its UK head of compliance.  --- Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation

Today’s guest discusses the European Securities and Markets Authority’s to-do list for 2025, and she explains the regulator’s priorities as it responds to an EU-wide effort to simplify the bloc’s rulebook. She outlines ESMA’s expectations of market participants subject to its landmark reforms on digital operational resilience and crypto-assets and she details how she plans to make sure both regimes are implemented in as effective a way as possible.   She also opens up about life at the helm of the EU watchdog, her strategies for navigating “difficult market periods” and plenty more besides. Verena Ross’s 30-year career includes roles helping to shape various aspects of financial services policy at regulators including the Bank of England and FCA predecessor the Financial Services Authority.  She joined ESMA in 2011 and has been the organisation’s chair since November 2021. **** Short on time? You can read the episode highlights on the FT's Banking, Risk and Regulation...

Today’s guest outlines how he expects financial services regulators in the UK and European Union to react to President Trump’s increasingly erratic policymaking. He details the regulatory changes he believes are needed to ensure the UK government achieves its growth mission and he highlights what Brussels must get right if the EU is serious about remaining globally competitive. He also explains why it is imperative that governments — from London to Washington — pay close attention to the quiet storm building in global bond markets. Mathew Gilbert brings two decades of experience to this conversation, including roles at hedge fund Abaco Asset Management and boutique investment bank KBW. Since 2016, he has led government policy and regulatory strategy firm Capstone’s European operations from London, advising financial institutions’ C-suites, and investors navigating today’s fast-evolving regulatory landscape.

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...  

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  

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.   

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. 

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. 

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.  

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.