January 9, 2019 / 5:21 PM / 5 months ago

INTERVIEW:David Kenmir, partner, PwC

LONDON/NEWYORK(Thomson Reuters Regulatory Intelligence) - Thomson Reuters Regulatory Intelligence speaks to important figures in the compliance and financial arena to hear their thoughts and discuss wider issues related to their fields. Today we talk to David Kenmir.

The logo of PricewaterhouseCoopers is seen in front of the local offices building of the company in Luxembourg, April 26, 2016.

David Kenmir serves as partner, Conduct, Culture & Licencing, Financial Services Risk and Regulatory Practice at PwC. Prior to joining PwC, Kenmir was an Executive Board member of the FSA from 2004 to 2009, and so was directly involved in all of the key policy and supervisory decisions made during that period.

-WHAT PART OF YOUR JOB GIVES YOU THE MOST SATISFACTION

Helping clients achieve their goals and colleagues develop their careers.

-WHAT PART OF YOUR JOB GIVES YOU THE MOST FRUSTRATION

This was a close call but inefficient regulators just beats the (necessary) internal admin.

-WHAT ARE THE MOST SIGNIFICANT FORTHCOMING DEVELOPMENTS THAT YOU ARE CONCERNED ABOUT OR YOU THINK THE PROFESSION/INDUSTRY SHOULD BE CONCERNED WITH

I worry most about the geopolitical climate. I am sure we will have a systemic cyber incident soon; and national protectionist trends are not good for global trade, FS markets and regulatory collaboration.

-WHICH INTERNATIONAL REGULATORY DEVELOPMENT CAUSES YOU THE MOST CONCERN

I think the post crisis regulatory pendulum swung too far, as it always does. However I didn’t see it swinging back yet and that worries me.

-WHAT HAS BEEN THE BIGGEST ISSUE YOU HAVE HAD TO DEAL WITH IN YOUR ROLE

The last financial crisis, I was on the FSA board when it had to deal with Northern Rock etc. This may sound strange but it was a privilege to be involved in what the government, the Bank of England and the FSA had to do.

-WHAT PEARL OF WISDOM WOULD YOU GIVE TO A BUDDING COMPLIANCE OFFICER/MONEY LAUNDERING REPORTING OFFICER

Spend three years at PRA or FCA, three years in industry and three years at a consultancy. Once you’ve done that see if you still want to be a compliance officer/MLRO.

-WHAT IS THE MOST AMUSING COMPLIANCE ANECDOTE THAT YOU HAVE COME ACROSS

Many many years ago I had to tell a firm to hire a head of compliance. When I saw the CV of the lead candidate it was the MD’s sister whose previous experience was running the local cattery.

-WHAT HAS BEEN YOUR GREATEST PROFESSIONAL ACHIEVEMENT

I can’t chose between joining the FSA board and ExCo and becoming a PwC partner. I’ve been very lucky in my career and enjoyed it immensely.

-WHAT DO YOU DO TO RELAX

Walk the dog, spend time with the kids and try to get to the gym now and then.

-CAN YOU RECOMMEND A RESTAURANT TO US

Pollen Street Social in the West End.

(Jean Hurley is a senior commissioning editor for Thomson Reuters Regulatory Intelligence)

This article was produced by Thomson Reuters Regulatory Intelligence - bit.ly/TR-RegIntel - and initially posted on Jan. 3. Regulatory Intelligence provides a single source for regulatory news, analysis, rules and developments, with global coverage of more than 400 regulators and exchanges. Follow Regulatory Intelligence compliance news on Twitter: @thomsonreuters

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