Welcome to 'Corylated', the podcast for compliance and risk aficionados. Rachel Wolcott and Lindsey Rogerson dive deep into the ever-evolving world of regulation and compliance. Unveiling trends, providing expert insights, and building a vibrant community, each episode is your gateway to mastering the historical context and current shifts in regulatory landscapes.
Tune in, stay informed, and enjoy the some of the trusty guidance we promise to deliver!
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Building Better Regulators with Lyndon Nelson and Gavin Stewart
Regulation is often criticised but rarely understood. In this episode, Lindsey Rogerson and Rachel Wolcott sit down with former UK regulators Lyndon Nelson and Gavin Stewart to discuss their new book, Building Better Regulators: The Art of the Impossible (https://www.amazon.co.uk/Building-Better-Regulators-Art-Impossible/dp/1066843805/ref=asc_df_1066843805?mcid=e55aa61ecbf73fb4b2043abd11ee1040&th=1&psc=1&tag=googshopuk-21&linkCode=df0&hvadid=818309405707&hvpos=&hvnetw=g&hvrand=3092320396749977575&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=1007243&hvtargid=pla-2499024119403&psc=1&hvocijid=3092320396749977575-1066843805-&hvexpln=0&gad_source=1).
Drawing on decades of experience at the Bank of England, Financial Services Authority (FSA), Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA), Lyndon and Gavin explain why regulation is ultimately a series of trade-offs, why regulators struggle to learn from past mistakes, and why promises of "cutting red tape" often oversimplify a far more complicated reality. They also explore whether data and AI can transform supervision, and why for some banks enforcement can be little more than a cost of doing business. Gavin and Lyndon share what keeps them awake at night when they think about risks facing regulators today.
The conversation covers everything from payment protection insurance (PPI) and motor finance to crypto, AI-driven finance, risk appetite and the growing tension between political demands for growth and the realities of protecting consumers and markets.
Lyndon Nelson is a former deputy chief executive of the PRA and now teaches at London Business School and advises the International Monetary Fund.
Gavin Stewart has held senior roles at the Bank of England, the FSA and the FCA, including serving as chief risk officer at the FCA.
Chapters
00:00 Introduction
01:21 Discussion on Trade-offs and Positive Messaging
01:27 Book Promotion and Final Thoughts
03:07 The Importance of Understanding Regulation
06:11 Learning from Past Mistakes in Regulation
09:12 The Challenges of Principles vs. Rules-Based Regulation
12:13 The Political Landscape of Regulation
15:04 Risk Appetite and Its Implications
18:15 The Role of Enforcement in Regulation
21:00 Trade-offs in Regulatory Decisions
23:32 The Complexity of Regulatory Prioritization
26:46 The Impact of Regulatory Frameworks
29:33 Future Directions for Regulators
40:23 Frameworks and Accountability in Regulation
43:33 The Role of Data and AI in Regulation
48:40 Enforcement as a Cost of Business
56:03 Challenges in Modern Regulation
01:02:17 Future of Regulation and International Collaboration
13 Oct 2026
What FATF will find in FinCrime Britain
With the Financial Action Task Force (FATF) preparing toassess the UK again, Lindsey and Rachel examine whether the recent flurry of announcements and reforms amount to meaningful progress or political window-dressing. They explore persistent weaknesses in financial intelligence, beneficial ownership transparency, professional supervision, payment firms, MLRO oversight and whistleblower protection, and taking a look at whether regulators are doing enough to identify illicit finance and hold its enablers to account.
Chapters
00:00 Welcome to Compliance Corylated
00:50 Why FATF’s forthcoming UK visit matters
02:09 New government funding—and reasons for scepticism
05:13 The UK’s enduring £100 billion illicit-financeestimate
06:41 FATF’s longstanding concerns and offshore transparency
09:43 Moving professional-body AML supervision to the FCA
11:00 Economic crime reform and Companies House identity checks
12:51 Progress on information sharing and scam prevention
15:41 What current cases reveal about gaps in UK controls
16:27 The Prince Group and the role of professional enablers
19:09 A jailed beneficial owner and regulatory blind spots
23:19 Why payment firms deserve closer FATF scrutiny
25:06 Crypto side hustles, fake firms and weak vetting
29:26 MLRO interviews, turnover and regulatory oversight
31:36 The risks of part-time and fractional MLROs
37:04 Whistleblowing data and the enforcement gap
39:22 Why whistleblowers may not feel safe speaking to the FCA
44:19 Financial crime enforcement, sanctions and repeatfailures
47:00 Invisible supervision and limited feedback
49:00 Which rocks should FATF pick up?
51:50 What the UK needs to prove
Links
Sanctions reveal UK role in illicit crypto flows; regulator serves cease-and-desist orders (https://www.compliancecorylated.com/news/sanctions-reveal-uk-role-in-illicit-crypto-flows-regulator-serves-cease-and-desist-orders/)
A wealth of financial crime control failures (https://www.compliancecorylated.com/news/a-wealth-of-financial-crime-control-failures/)
No restrictions on UK, Cyprus CFD provider whose owner awaits US trial for money laundering (https://www.compliancecorylated.com/news/no-restrictions-on-uk-cyprus-cfd-provider-whose-owner-awaits-us-trial-for-money-laundering/)
Prince Group reporting from Radio Free Asia (https://www.rfa.org/english/special-reports/prince-group/)
If you enjoyed this episode of Corylated, please subscribe,leave a review and get in touch with your feedback and ideas for future episodes.Contact: editorial@corylated.com (mailto:editorial@corylated.com)
Website: www.compliancecorylated.com (http://www.compliancecorylated.com/)
29 Sept 2026
Deregulatory FOMO: Red Tape, Risk and Reality
In this episode of Corylated, founding editors Lindsey Rogerson and Rachel Wolcott revisit the theme from the podcast's first episode: the growing push for deregulation across financial services in the drive for growth. Eighteen months on, they assess how policymakers in the UK, EU and US are pursuing growth and competitiveness agendas by revisiting, simplifying and, in some cases, removing regulatory requirements.
Topics discussed:
The rise of "deregulatory FOMO" and whether jurisdictions are engaged in a race to cut rules.
The relationship between compliance, culture, enforcement and long-term growth.
Crypto regulation, MiCA, industry lobbying and the future of digital asset supervision.
The rollback of sustainability and ESG reporting requirements against the increasing evidence of climate risk.
Plans to simplify trade and transaction reporting in the UK and EU.
The consequences of scaling back regulatory tools such as Section 166 reviews, SMCR requirements and AML controls.
As always, Rachel and Lindsey explore what these changes mean for compliance professionals, regulators and firms navigating an increasingly uncertain regulatory environment.
Contact: editorial@corylated.com (editorial@corylated.com )
Website: www.compliancecorylated.com (www.compliancecorylated.com)
Who has been a guest on Corylated
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Podcast Authority Score: 25 / 100
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YouTube
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Engagement
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