Lucy McNulty (@lucymcnulty.bsky.social)

Editor, Following the Rules - a top-100 podcast series available on Apple, Spotify etc & featured in @thetimes @bloomberg @cityam | [email protected]

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

Can regulators really deliver growth, competitiveness, financial stability and consumer protection, all at once?

In today's Following the Rules, Lyndon Nelson and Gavin Stewart discuss why we need a more honest debate about trade-offs.

🎧: https://t.co/m5dnhexLXl | 📖:

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

❗ New special Following the Rules episode with @SmarshInc: How do you govern AI without slowing innovation?

🎧 Listen here to @SmarshInc's Goutam Nadella on shadow AI, data governance and turning communications data into a strategic asset: https://t.co/m5dnhexLXl

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@MFAupdates @politico Joining me on the panel were @Mark4WyreForest, @JohnGlenUK, David Bailey of the @BankofEngland's PRA, Kate Collyer of @TheFCA and Max Bierbaum of New Financial. We discussed growth, competitiveness and the future of UK financial regulation.

More here▶️ 🎧 https://t.co/m5dnhexLXl

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

❓If governments want regulators to do more to support growth, how can politicians better support them when something goes wrong?

It's a question explored in today's Following the Rules, ft a discussion I moderated at an event convened by @MFAupdates and organised by @politico

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@Nomura That uncertainty is being compounded by other challenges: developing the next generation of talent, building the right culture and harnessing AI without losing sight of human judgment.

Barlow discusses how best to navigate them.

🎙️ Listen here for more: https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

Politicians should stop using financial regulation for short-term point-scoring.

So says @Nomura's Chris Barlow in today's Following the Rules. He warns that as geopolitical tensions rise and rules diverge, consistency and predictability can no longer be taken for granted.

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@WTWcorporate We discuss why insurance is becoming a board-level issue, how cyber and AI are reshaping risk, and what questions boards should be asking now.

🎧 https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

Some financial services businesses are now doubling, tripling, even quadrupling, their insurance cover mid-policy.

Why?

Because boards are reassessing what a true worst-case scenario looks like in a world of cyber threats, AI and operational disruption.

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

One comment from Andrew Hill of Willis (@WTWcorporate) in today's special Following the Rules episode stood out:

"What organisations think of as their worst-case scenario is often still not as bad as what it can be."

So, are firms underestimating their real exposure?

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

In the latest episode of Following the Rules, workplace training specialist Alison Sneddon and I discuss why “tick-box” training is increasingly falling short, and what firms need to change as expectations around workplace conduct tighten.

🎧 https://t.co/m5dnhexLXl

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

❗ New rules and legal duties aimed at tackling toxic workplace behaviour are about to expose a major weakness in how many finance firms approach conduct training.

Much of it was never designed for today’s regulatory focus on culture, and behavioural risk...

More 👇

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

“What we have inherited as an industry isn't the way it has to be.”

In today's Following the Rules, we discuss why outdated compliance models create risk, and why culture, not frameworks, drives outcomes.

Also drawing on How to Be a Chief Compliance Officer, out today.

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

Banks risk “market failure” if compliance doesn’t change.

Uncertainty is rising. Budgets are tighter. Expectations are higher. Yet many firms still measure success by breaches, not root causes.

It’s a theme that keeps coming up. It needs to change.

🎧 https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@GoldmanSachs From incomplete client records to legacy systems, the problem isn’t new. But the pace of change is.

Without constant engagement, regulators risk falling behind, and missing opportunities.

🎧 Listen to the full episode here: https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

❌ After decades of regulatory expansion, some firms still can’t get the basics right.

In the latest Following the Rules, Mark Taylor (ex-@GoldmanSachs now at Ibex Compliance) explains why poor data remains one of the industry’s most persistent, and underestimated, risks.

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@SmarshInc Supervisors now care less about recording calls and more about whether firms can retrieve and analyse them under pressure, say Wiggins and Hurst

Are legacy voice systems ready? How can firms best future-proof surveillance systems?

🎧 Listen here for more https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

🗣️ Regulators spent years forcing banks to fix their WhatsApp problem. Voice calls could be next.

In today's special episode of Following the Rules, Shaun Hurst and Eric Wiggins @SmarshInc explain why trader voice could be the next enforcement focus.

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@iamtipperx Hardin tells Following the Rules where firms and regulators going wrong, including:

▶️ Seeing market abuse as a rogue employee or surveillance issue
▶️ Overconfidence in monitoring tools
▶️ Underinvestment in behavioural & cultural risk

🎧 Listen here: https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

❗ Firms most confident in their compliance systems may be the most exposed to market abuse.

Former insider trader Tom Hardin, @iamtipperx, helped the FBI dismantle one of the US's largest illicit trading networks.

He says firms are still tackling misconduct the wrong way.

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@TheFCA And in a growth-focused system? Some things will go wrong.

Pritchard calls for clearer political accountability on the UK’s risk appetite, arguing regulators shouldn’t make decisions on trade-offs alone.

It's a candid episode on the FCA's agenda.

🎧 https://t.co/P1j9nl9fag

[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

The FCA says it has finished writing the rulebook on non-financial misconduct.
Now it wants firms to own it.

In today's Following the Rules, @TheFCA’s Sarah Pritchard says its policy work is “concluded”. Firms must now "take their own steps" to manage their toxic behaviour.

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[Lucy McNulty (@lucymcnulty.bsky.social) @LucyMcNulty]

@TheFCA But this is part of a wider reset.

Regulator and regulated, she says, face the same volatile environment, shaped by geopolitics, AI and rapid change.

What does that mean?
• Supervision dialled up, or down, by risk
• Less box-ticking, more outcomes
• “Our door is open”