Nicola is a director, and founder, of Oben Regulatory, a Jersey regulatory consultancy business. Prior to Oben, Nicola worked at the JFSC for many years in investment business, enforcement, funds and heighted supervision. Oben has undertaken numerous reporting professional assignments for the Jersey and Guernsey regulators and has assisted many firms of varying sizes and types of business. Nicola is currently the Chair of the Jersey Compliance Officers Association.
Nicola is a director, and founder, of Oben Regulatory, a Jersey regulatory consultancy business. Prior to Oben, Nicola worked at the JFSC for many years in investment business, enforcement, funds and heighted supervision. Oben has undertaken numerous reporting professional assignments for the Jersey and Guernsey regulators and has assisted many firms of varying sizes and types of business. Nicola is currently the Chair of the Jersey Compliance Officers Association.
BEGINNINGS AND ASPIRATIONS
Unclear of my career direction after backpacking around the world for a year, I temped at random places in London (A&R at Virgin Records, Paxton & Whitfield (cheese), etc.) until one day I was sent to work at LIFFE, the open outcry market in the City (an exchange for trading government bond futures). The job involved working for the market. It was such a vibrant and exciting place filled with hundreds of people all wearing colourful jackets shouting and screaming while trading, and I thought, this is it, this is for me.
TURNING POINT
I moved to Jersey in 1998 and temped at various businesses to understand what Jersey’s finance industry was about. I ultimately applied for a job at the JFSC, which had just become independent of the States. New regulations were about to be passed and I was part of the small team involved in licencing and supervising such financial services firms. Once I started the examination process, looking at client files to understand the type and nature of activity taking place, and examining the records of business I realised how interesting it was. Two early defining moments that come to mind, which cemented my decision to stay in regulation, include a director who wouldn’t let go of the minute book (we had a “push pull” situation until he let go), and an examination of a trust company business, whose principal kept an illegal firearm in the safe. Then, 18 years later, I couldn’t pass up the opportunity to join friends setting up Oben. Alex is an amazing person to work with, she is funny, a machine, she gets things done and David is so clever – both are also well connected, which has helped in terms of the success of our business. Long story short, I consider myself to have been lucky in my career and with my peers, over the years (and for many years), doing what I love.
CHALLENGES AND LESSONS
I’ve learned that it is so important to work together, to have meaningful dialogue. Firms spend much time and effort building up business and naturally become defensive of criticism. Where findings and issues are egregious it is important that these are addressed, however, the way in which the messaging is delivered and the remedial process is achieved has a bearing on the future success of that business and on your relationship with that business. Working together well to deal with difficult and contentious matters achieves better outcomes for all.
SKILLS AND MINDSET
Growing up I used to do logic grid puzzles; perhaps resulting in my being inquisitive and needing to find solutions. In a work context, someone said I was able to ‘peel an onion’ – peeling the layers to get to the issue. Traits that have helped include reading small print, researching and examining information for hours; all necessary to build a picture. I love a pencil and paper to draw structure charts (these days electronically). Diagrams clearly show what’s going on. I keep on top of current issues and love the work of investigative journalists and others (Bellingcat, OCCRP, Global Witness, Hindenberg, Muddy Waters etc) who do an incredible job. Whilst it currently seems that white collar crime pays, I’m determined to do my bit to help in countering money laundering, corruption and fraud and I’m fortunate that my colleagues have a similar mindset!
NETWORKING AND MENTORS
I have been lucky, at the start of my regulatory career, to have worked with the likes of Helen Hatton, Chris Cooke, Guy Sears and Paul Le Marrec – each have great intellect, knowledge and regulatory expertise. They’ve had a profound effect on my learning and development. Having your work overseen, being taught and pushed to get on with challenging issues, being held to account for the work you have produced, having it checked, marked with red pen over and over means that your work is refined and you learn. It’s a frustrating process but there is no better way to progress.
ADVICE FOR ASPIRING LEADERS
- Learn from someone with significant experience and knowledge – consider asking someone to be your mentor.
- Ask basic/simple questions ( ‘nothing is a stupid question’)– when you’ve been in a job for a while it becomes too late to ask.
- Don’t take anything at face value – look for yourself.
- If you feel or see something wrong, follow your nose (you can’t beat your inner spidey senses!).
- Write short sentences, use basic words – you want people to be interested and to understand your work.
- Read – books, articles, anything serious. Follow world news.
