MEET THE TEAM: RACHEL MACRAE

In the three years since senior compliance consultant, Rachel MacRae, joined B-Compliant, she has become an integral part of the business.

In our latest meet the team blog, she talks about the journey that has earned her the moniker Consumer Duty Queen!

Banking on a career

After a number of years working for Bank of America, I took voluntary redundancy and joined the fraud recovery team at M&S Bank (part of HSBC). It was a job I loved and I made some lifelong friends, but the time came when I knew I needed to stretch my grey matter further.

I really enjoyed working within the risk departments, so I moved internally to become a financial crime compliance officer. It was by far the best job title I’ve ever had – everyone was really interested in what I did! I worked closely with the M&S bureau de change network and supported them, as well as the credit card and saving and investment departments.

I progressed quite quickly and often deputised for the compliance manager on the bank’s risk committee. I helped the training team as it rolled out its global standards for fighting financial crime and even had a hand in preparing for an examination by the US Department of Justice, following its deferred prosecution agreement.

Whilst in this role, I was able to sit my advanced certificate in anti-money laundering and counter terrorist financing with the ICA. This was the first professional exam I’d ever taken and it sowed the seed that I could forge a career in compliance, rather than just having a job.

Moving to Manchester

I loved working at M&S Bank – the people were great and the 20% discount was pretty good too. It certainly made me popular at Christmas! However, I met a boy who got a job in Manchester and at the time, the M56 seemed like a really long way to drive every weekend, so I started looking for work around the city.

This was how I first met Vicky. She hired me as a trainee compliance associate for a financial advice firm in Wilmslow. What she saw in me that day, I don’t know, but she decided to take a chance. I had very little experience with investments and wasn’t entirely sure what a financial planner was!

So, I packed my car, moved in with the boy and set about studying for my diploma in regulated financial planning. I kept in touch with Vicky after she left to set up B-Compliant, I even helped with some of the early blogs and gave my two penn’orth on the logo!

A couple of years passed and I decided I wanted to expand my knowledge, so I joined a compliance consultancy firm as a file reviewer. Unfortunately, Covid hit and before I could settle in, I was sent home with a laptop and told to crack on with things. This certainly didn’t help me integrate and ultimately, I realised it wasn’t a great fit. I missed working directly with firms and tailoring my advice and guidance to their individual needs.

An opportunity then arose to work for a fund manager, which was another challenge. I spent 18 happy months learning about fund administration and I even sat exams for the investment operation certificate. During this time, I was involved with an FCA visit that was linked to the regulator’s review of host AFMs and fund manager’s assessment of value (this proved very useful in later years). I supported the firm’s evaluation of the FCA’s findings, as well as analysing the wider review.

Reuniting with my mentor

One rather damp and cold Monday in February 2022, I received a message from Vicky asking if I would be interested in joining B-Compliant, as she was looking to grow the team.

Vicky often boasts that when she took me on all those years ago, she moulded me in her image and they do say in compliance, especially in Manchester, it is more about who you know. (Although what you know is pretty important too!)

This was an opportunity I couldn’t pass up. It was a chance to work with my mentor, as part of an ever-growing team and be involved in the evolution of a firm in its infancy. I knew B-Compliant’s approach was something I could stand behind. We don’t just leave clients to deal with their problems, we help them find solutions that are tailored and proportionate to their needs.

So here I am! It was an honour to be promoted to senior consultant and I feel like I make a genuine difference to the business. Vicky and Jeremy value all of our input, knowledge and experience and since I’ve been here, I’ve taken the lead on a couple of projects.

It would appear that FCA review into value assessments did come in handy, as I am now known affectionally as the Consumer Duty Queen! My role is particularly enjoyable because I believe we are chipping away at the stigma around compliance. We help firms cut through the jargon and make the connection between the FCA rules and how they translate to business and the end client.

If you would like to know more about B-Compliant’s wide range of services, or discuss how our support could benefit your firm, don’t hesitate to contact us on (0161) 521 8641 or email: info@b-compliant.co.uk