Following the Rules

Lucy McNulty

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

  1. Sep 21

    How to prepare your firm for UK crypto authorisation with the Financial Conduct Authority's Dominic Cashman

    The UK crypto industry is approaching a fundamental regulatory shift. Firms that have operated under relatively limited oversight by the UK’s Financial Conduct Authority are preparing to become fully regulated financial services businesses, bringing much broader expectations around governance, consumer protection, capital and conduct. Today’s episode is part of a Following the Rules series delivering practical guidance on legal, regulatory, technological and cultural change. In this episode, we explore what the FCA will really be looking for when its crypto authorisation gateway opens, including why using AI to produce policies and controls won’t compensate for senior managers who don’t understand them, and why the FCA’s growth objective will not mean lowering the authorisation bar. Joining me is Dominic Cashman, the FCA’s Director of Authorisations and one of the people at the heart of determining which firms meet the regulator’s standards for entry. He spent 25 years in senior operational and transformation roles across major financial firms, including TP ICAP, Nomura and Deutsche Bank, before joining the FCA in 2022 We discuss how the FCA will judge whether firms are genuinely ready for regulation, the red flags that can reveal deeper problems with culture and leadership, and why Cashman believes a young crypto industry needs to prepare for the existential crises it has yet to face.

  2. Sep 7

    DFSA’s Mark Steward on rethinking AI regulation, repricing conflict in the Middle East and safeguarding Dubai’s growth

    Today’s guest cautions that regulators face a growing gap in understanding and managing the scale and complexity of AI risks and asks whether traditional, technology-neutral regulation can keep pace as adoption accelerates. He also discusses how Dubai International Financial Centre is weathering conflict in the Middle East. Firms and capital continue to flow into the Centre, but he says that the impact could become more pronounced as businesses reprice a conflict many expected to be short-lived. And, amid disruption to cloud infrastructure in the region, he discusses operational resilience, technology concentration, and whether regulators themselves fully understand their exposure to critical infrastructure. Mark Steward is one of the most experienced international regulators of his generation. He previously held senior roles at the Australian Securities and Investments Commission and Hong Kong’s Securities and Futures Commission, before spending seven years at the UK’s Financial Conduct Authority, where he led Enforcement and Market Oversight and latterly also oversaw its International Division. Since May 2025, he has been Chief Executive of the Dubai Financial Services Authority (DFSA), leading the regulator for one of the world’s fastest-growing financial centres. He spoke with Following the Rules on 26 August.

  3. Jul 27

    How to build better regulators with former Bank of England and FCA executives Lyndon Nelson and Gavin Stewart

    Regulation has never been under greater scrutiny. Around the world, governments are asking regulators to support growth and innovation while continuing to protect consumers, preserve financial stability and prevent the next crisis, and increasingly, to do all of it at once, as if the trade-offs between them didn't exist. Today’s episode is part of a Following the Rules series delivering practical guidance on navigating legal, regulatory, technological and cultural change. Joining me are Lyndon Nelson, former Deputy CEO of the Prudential Regulation Authority and Executive Director at the Bank of England, where he spent more than 30 years in senior regulatory and supervisory roles, and Gavin Stewart, a former senior leader at the Bank of England, the Financial Services Authority and the Financial Conduct Authority, including serving as the FCA's Chief Risk Officer. Together, they are the authors of Building Better Regulators: The Art of the Impossible. In this episode, we discuss why regulation is fundamentally about managing trade-offs rather than eliminating risk, why regulators remain among the least understood public institutions, and what happens when political pressure demands growth, competitiveness and stability all at once, without acknowledging that something has to give. Whether you work in regulation, financial services or public policy, this episode offers a practical and timely perspective on what it really takes to build better regulators.   ---- You can pre-order Building Better Regulators: The Art of the Impossible here. You can play the enforcement game Lyndon mentions here.

  4. Jul 13

    Special episode: How to unlock AI innovation without losing control with Smarsh's Goutam Nadella

    Today's episode is a special one, produced in association with Smarsh, a technology firm that helps financial institutions capture, govern and monitor their communications. This episode forms part of our Following the Rules: How To series, focused on practical guidance for firms navigating legal, regulatory and technological change. Today we're discussing Smarsh's new 2026 AI Trends Study, conducted by FTI Consulting, which argues that communications data is moving from being a regulatory obligation to one of an organisation's most valuable strategic assets. But it also highlights a growing challenge. While firms are racing to deploy AI, governance is struggling to keep pace. Communications data remains fragmented, shadow AI is creating new blind spots, and many compliance teams are being asked to manage risks they were never designed to oversee. So what does good AI governance actually look like? How do firms unlock the value of communications data without creating new regulatory risks? And what should compliance leaders be doing now to build the right foundations for AI? Joining me to discuss this is Goutam Nadella, Chief Strategy Officer at Smarsh. We explore the report's findings, why AI governance starts with data governance, and why the firms that get this right may find compliance becoming a competitive advantage, rather than simply a control function.

  5. Jun 29

    How to rewire UK financial regulation for growth with the PRA's David Bailey, FCA's Kate Collyer, former City minister John Glen, shadow City minister Mark Garnier and New Financial's Max Bierbaum

    Today’s episode is a little different to normal. It’s a recording of a panel discussion I was Invited to moderate a recent event convened by the Managed Funds Association or MFA, the global trade body for the alternative asset management industry, and organised by POLITICO. The discussion brought together senior figures from across financial services, regulation and policymaking to explore one of the  biggest questions facing the UK today: how to balance growth, competitiveness and financial stability. We discussed whether the UK’s regulatory reforms are delivering on their ambitions, the role of regulators in supporting innovation, the future of UK capital markets, and what it will take for the UK to remain a leading global financial centre. I hope you enjoy it.

  6. Jun 15

    Nomura's Chris Barlow on taking politics out of regulation, preparing compliance for the future and building the right culture

    Today’s guest argues that one of the biggest risks facing financial services isn’t market volatility or even regulatory complexity. It’s the growing politicisation of the rulebook around the world. As geopolitical tensions rise and regulatory regimes increasingly diverge, he warns that firms are being forced to navigate a world where consistency and predictability can no longer be taken for granted. From the UK’s search for competitiveness to deregulation in the US and a different trajectory in Europe, he explains why fragmentation is becoming a strategic challenge for legal and compliance teams. He also reflects on how the role of legal and compliance is changing. Increasingly, it is about helping businesses navigate uncertainty, exercise judgment and build cultures where challenge, escalation and accountability are embedded long before problems emerge. And as AI reshapes the way firms identify risk, he discusses how new technologies could transform compliance functions while also raising expectations of what firms should be able to see and prevent. Chris Barlow’s 30-year career includes more than two decades at international bank Nomura, where he now guides its Europe, Middle East and Africa business through regulatory change, market disruption and evolving risk landscapes as a Managing Director, and Nomura’s General Counsel for EMEA, Joint Wholesale Chief Compliance Officer and Head of Legal and Compliance for the bank’s EMEA operations.

  7. Jun 1

    How to ensure your insurance reflects your risk profile with Willis’ Claire Nightingale, Paul Search and Andrew Hill

    Today’s episode is produced in association with Willis, one of the world’s leading risk advisory, broking and solutions businesses. It is also part of a Following the Rules series delivering practical guidance on navigating legal, regulatory, technological and cultural change. Insurance has traditionally been viewed as a way of transferring risk. But for financial institutions facing rising regulatory scrutiny, growing cyber threats and the rapid emergence of AI, insurance is now becoming a much more strategic board level issue. Boards are increasingly expected to understand exactly what they’re buying, what it covers and how it fits into the firm’s wider resilience strategy. So what does good insurance governance actually look like? How should firms decide what cover they need? How much is enough? And as risks become more interconnected, where are the biggest gaps beginning to emerge? Joining us to discuss these questions are three experts in the field. Claire Nightingale is a former bank General Counsel and Head of Global Banking Compliance who now helps financial institutions navigate and recover complex insurance claims as Global Head of FINEX Financial Institutions Claims Advocacy at Willis. Andrew Hill is a former insurance lawyer who now leads Willis’ Cyber Coverage and Innovation team alongside its AI coverage strategy. And Paul Search is a Managing Director at Willis, specialising in operational risk, insurance strategy and capital optimisation. Together, they unpack why insurance is becoming a board-level issue in entirely new ways, and what firms need to do now to stay ahead.

  8. May 18

    How to use training to reduce toxic workplace behaviour

    Today’s episode is part of a Following the Rules series exploring how financial institutions can navigate legal, regulatory, technological and cultural change in practice. In this episode, we look at why traditional approaches to compliance training are increasingly falling short in a regulatory environment focused on culture, conduct and behavioural risk. Against this backdrop, firms are now facing difficult questions. Why do so many training programmes fail to change behaviour in practice? Where are institutions most exposed when culture and compliance fall out of step? And how can organisations create environments where people feel confident to speak up before problems escalate? Joining me to explore these questions is Alison Sneddon, an employment lawyer and workplace investigations specialist who has spent her career advising financial institutions on whistleblowing, culture, employee misconduct and regulatory risk. She is also the founder of Conduct Counsel, a specialist training provider for financial institutions. Together, we discuss why traditional compliance training is often missing the mark, how the FCA’s new non-financial misconduct rules are changing expectations, and what firms need to do now to build cultures that are genuinely respectful, psychologically safe, and regulator-ready   ---- For more on Conduct Counsel: www.conductcounsel.com

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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

Information

  • Creator
    Lucy McNulty
  • Years Active
    2022 - 2026
  • Episodes
    100
  • Rating
    Clean
  • Copyright
    © Copyright 2025 All rights reserved.
  • Show Website
    Following the Rules

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