Caroline Wayman: How I got through tough times at the Financial Ombudsman
Each week, we dig into the memory bank of the City’s great and good. Today, Caroline Wayman, global head of financial services at PA consulting and former head of the Financial Ombudsman Service, takes us through her career in Square Mile and Me
CV
- Name: Caroline Wayman
- Job title: Global head of financial services at PA Consulting (and chair of board at Nottingham Trent University)
- Previous roles: CEO and legal director at the Financial Ombudsman Service, senior independent director / non-executive director at the Crown Prosecution Service
- Age: 50
- Born: Sunderland
- Lives: South West London
- Studied: Nottingham Law School (NTU) and Inns of Court School of Law
- Talents: Tennis (maybe)
- Motto: Keep learning and moving forward
- Biggest perk of the job? Getting to meet lots of different people and change things for the better
- Coffee order: I don’t drink coffee – mint tea for me, please
- Cocktail order: A good mocktail
- Favourite book: I read every night but don’t have a favourite book. I found Sam Freedman’s Failed State very thought-provoking recently. I also love a great novel.
What was your first job?
My first job was a paper round, which meant waking up at 6am every morning between the ages of 13 and 16. It taught me the value of starting the day early and was great exercise too. My first full-time job was at an insurance company in Kent.
What was your first role in the City?
My first role in the Big Smoke was at the Insurance Ombudsman Bureau near Borough market, so a short stroll to the City proper.
When did you know you wanted to build a career in the City?
I like solving problems, making things work better for customers and achieving fairer outcomes. That’s been the golden thread throughout my career, whether it’s been through investigating insurance disputes, overseeing the response to mortgage endowment mis-selling and PPI, or leading teams across financial services. It’s what drove me every day as CEO of the Financial Ombudsman Service and is something I now love helping my clients with at PA Consulting.
What’s one thing you love about Canada?
The sense of possibility, energy and history – and the knowledge that so many great people walked the streets before us.
And one thing you would change?
Things have improved, but we still have a long way to go in ensuring people from all backgrounds can access opportunities and thrive. Networks are important, but that can be really challenging early in your career if you’re not from a certain background. I learned that early on, as it was tough at the Bar in those days.
What’s been your most memorable business lunch or dinner?
Dinners at the Mansion House are always pretty memorable. It’s been an honour to attend those and mix with a range of people – including once when I was next to the Queen’s stamp exhibitor.
I also found my early dinners when studying at the Bar to be a brand-new world. Needing to seek permission to go to the bathroom via a Latin note on a napkin wasn’t something I was familiar with!
And any business faux pas?
Plenty – probably too numerous to mention! Dress codes are a nightmare, and I’ve definitely been too smart or too casual many times.
But more generally, I’m a firm believer that if a question is asked with honesty and humility, you can’t go too far wrong. And I have learned to trust my instincts that the potentially ‘silly’ question is often the most incisive.
What’s been your proudest moment?
There have been a few. I’m proud of the times I’ve shown leadership in tough situations. For example, overseeing the handling of 2m PPI complaints at the Ombudsman. I was proud to become global head of financial services at PA Consulting, where I get to advise financial services leaders on their most complex challenges, such as the upcoming Supreme Court ruling on the motor finance case or the impact of the Leeds Reforms. And I’ve loved chairing the board at Nottingham Trent University, as it’s an honour to help shape thousands of lives each year.
And who do you look up to?
My niece. She’s 12 years old and a fabulous footballer. She’s achieving great things already, having just returned from a tournament in Barcelona. I admire the fact that her heroes are female footballers, as it’s a powerful reminder of how far we’ve come since I played growing up.
What’s the best business advice you’ve ever been given?
‘This too shall pass.’ I was told that during challenging times at the Ombudsman and it’s something I often talk to clients about. It’s so important to keep a sense of perspective. The rest of the world doesn’t see things through the same lens as you, so sometimes things aren’t as big or bad as feared.
And the worst?
Just focus on the short-term. I think it’s better for leaders to take a long-term view, not chase the drama, and remember that it’s not ‘all about you’!
Are you optimistic for the year ahead?
I’m an optimist at heart. I always believe we can do things bigger and better. I’m optimistic that the Chancellor’s Leeds reforms can provide a platform for change and growth in financial services. But we need a proper understanding of risk – and a much less binary view of issues around risk. I’m loving some of the conversations we’re having with clients on this topic and excited for what we can achieve.
We’re going for lunch, and you’re picking – where are we going?
Any decent Italian restaurant – there’s plenty in Central London. Nearer to home, there is a great healthy Indian restaurant in Twickenham.
And if we’re grabbing a drink after work?
During the week, alcohol-free craft beers.
Where’s home during the week?
South West London, but I’m often in the City until late.
And where might we find you at the weekend?
On a tennis court or in Cornwall whenever I can.
You’ve got a well-deserved two weeks off. Where are you going and who with?
With my husband, anywhere by the sea.