Episode 67

Caroline Wayman – Leadership under pressure

SUMMARY

Caroline Wayman is an accomplished, high-profile leader who – as Chief Executive of the Financial Ombudsman Service – lead the drive to compensate bank customers caught up in the national Payment Protection Insurance (PPI) scandal.

Over ten years, her team dealt with two million PPI complaints, forcing the banks to hand over £38bn in compensation to customers who had been wrongly sold insurance policies.

In Episode 67 of the Nottingham Business School’s Business Leaders’ Podcast, Caroline tells Visiting Honorary Professor Mike Sassi about the pressures of working in the national news spotlight – and the importance of being guided by a set of core values.

INTRODUCTION

• Caroline Wayman leads the Global Financial Services practice at PA Consulting

• She previously worked at the Financial Ombudsman Service for 22 years, rising from Principal Ombudsman to Legal Director and finally Chief Executive, a position she held for seven years.

• At the FOS, she oversaw the handling of two million Payment Protection Insurance complaints. Her workforce grew from 1,200 to 4,500.

• Under her leadership, the FOS forced banks to return £38bn in compensation to customers.

• Caroline is recognised as an expert in UK consumer issues, governance and leadership.

• She has also been a member of the board of the Crown Prosecution Service,

• Caroline originally trained as a barrister, after graduating from Nottingham Trent with a degree in law.

• Since 2022, she has chaired the board of governors at NTU.

LEADERSHIP TAKEAWAYS from the 67th episode of the NBS Business Leaders’ podcast, with Caroline Wayman

• Employ people for their values more than their skills… "We recruited primarily on values [at the FOS] If people have got the right values and behaviours, we can teach them the rest."

• It’s important to keep your staff informed as your organisation grows… "How you communicate has to change when you grow, because there comes a point at which you can't just get everybody in a room."

• During tough times be able to rely on the people around you… "I learned a lot about the importance of having a really great team."

• Develop resilience to handle public scrutiny… "You have to have a thick skin. I don't naturally have a particularly thick skin – but [as CEO at the FOS] I developed one."

• Successful leaders often focus on making a difference… "My biggest driving force is the desire to make a difference. I want to feel that I've made something better."

• Try to have a ‘customer-centric’ approach… "My job [as CEO at the FOS] was, in large part, trying to help financial businesses to do the right thing for their customers."

• Be strategic about your networking… "Networking is not going to conferences and just working the room... it’s about building trust with people."

• The best leaders work to create opportunities for other people.. "I'm really passionate about... how, through education, we can open up doors for people. We have to try to help people come through."

• Always be guided by your core values… "Leadership has to be values driven. Otherwise, what else guides you?"

• Caroline wrote this piece about financial regulation for the Financial Times

• There’s more about Caroline Wayman on her LinkedIn profile

If you enjoyed this episode NBS Business Leaders’ Podcast with Caroline Wayman, listen to previous episodes with…

• The former CEO of ASOS Nick Beighton

• The Vice Chancellor of Nottingham Trent University Professor Edward Peck CBE

• The CEO of Capital One UK Lucy Hagues MBE