Fluro exists to drive permanent, positive change within the credit industry and it’s my job as Head of Compliance to support stakeholders – including our Boards - by providing expert advice, challenge and oversight. I’m keen to shake off any views that Compliance exists as a ‘business prevention unit’ or that my team comes to work to tell people what to do! Rigidity creates a barrier to progress and those outdated views likely result from the cultural issues that have plagued the financial services sector for decades.
We’re here to help drive a compliance culture and I believe my team enables stakeholders to make informed decisions and mitigate risks; helping to keep our customers, team members, and business safe.
Experiment wildly, refine intently
Although it would be irresponsible of me to experiment too wildly(!), having the ability to consider multiple solutions is critical. If an initiative ultimately aims to deliver good outcomes for our customers and our business, I’m here to help find the best way to approach it from a regulatory perspective. This is ever more important with the Financial Conduct Authority’s (FCA) Consumer Duty on the horizon, as the new rules oblige Fluro to test, monitor, and adapt its approach on an ongoing basis.
To me, building good (and for good) is about establishing solid foundations that enable front-line teams to do what they do best! Ensuring my team has an excellent knowledge of regulations as they apply today and know what’s on the horizon for the future provides for a sustainable approach that both delivers good outcomes and is unlikely to attract regulatory challenge in the longer term. From another perspective, we strive to build and maintain good relationships with key stakeholders (including our primary regulator, the FCA) and work collaboratively with colleagues in Legal and Enterprise Risk to avoid gaps and promote a joined-up approach.
Own your impact
Giving inadequate or incorrect advice, or failing to keep on top of regulatory change, could be devastating for our business and customers. This means my team must be diligent, thorough, and pragmatic. We take pride in our work and recognise how, for example, compliance advice plays a role in commercial decisions and can materially influence customer outcomes; while monitoring and oversight activities help protect Fluro by seeking to identify risks and issues before they can have a detrimental impact.
Beyond compliance, owning your impact is about supporting others to learn and develop. This might mean giving someone a platform to share their views or offering your assistance with a project where you have the expertise, even if not pursuing a compliance-related goal. Contributing to the success of any project is immensely satisfying.
Settle at brilliant
Settling at brilliant means consistently challenging yourself to do better – really thinking about what stakeholders want and need. When Fluro recently went through its relaunch I was in awe at the attention to detail and precision with which key items were delivered, and also how lots of very small, brilliant things can add up to something sensational! From a compliance perspective, this means not only challenging yourself but also being open to challenge and able to acknowledge when your approach might need to change. For example, you might find new information or consider a different perspective which might influence your advice. In my view, Fluro has a healthy compliance culture where challenge flows both ways, there are no egos involved, and everyone wants to achieve brilliant outcomes for all stakeholders.
In terms of my team specifically, every year I develop a Compliance Plan for approval by our Executive Committee. This sets out how we will oversee key activities and ensure Fluro’s Compliance Framework remains strong. For 2023 we have a variety of process/framework improvements planned on our quest to settle at brilliant!