Phil Coole – Deputy MLRO – Investec Bank
How did you get into financial crime?
Quite randomly to be honest. In late 2009, I was unemployed and I knew a few mates who worked at the (then called) FSA. They said it was a good place to work so I had a look on the website and, although I didn’t really understand what all the available roles actually did, there was a one year maternity leave cover in the (then called) Financial Crime Operations team. I’d done a bit of financial crime stuff in previous accountancy studies so thought why not?
Was financial crime your first career choice?
Certainly not. My preference was to work in a Big 4 accountancy firm (for no other reason than my dad was accountant and these firms advertised more than others at uni) and study for the accountancy qualification, which I kind of did. I managed to get on a graduate scheme as a corporate tax accountant at EY in 2008 – I was genuinely well chuffed. I quickly realised, though, that it wasn’t for me. In any case, it didn’t work out and I was made redundant by EY in 2009 as my interest levels managed to manifest themselves in not doing quite as well in the accountancy exams as I’d planned! It was a shock at first, but in hindsight it was the best thing to happen to me career wise.
What were you doing before?
Before EY and the FSA, I moved to London straight after Manchester Uni in 2008 and tried my hand at temping. Moving into a city where I knew no-one was a great way to throw myself into work, albeit the type of work was pretty random. I spent a week tidying up a room for a firm of architects, worked the phones for a charity and then ended up with an extended position at the Valuation Office Agency, working in accounts payable. As a temp role it was great and gave me a good insight into the office environment. They also gave me 2 months leave to go travelling and had me back after, which was pretty nice of them!
What attributes do you think have made you successful in your career?
So far in my career I would say that doing the simple things well has probably helped the most – being professional, organised, timely, diligent and delivering work to a good standard. Certainly these types of traits helped earlier in my career where technical and, let’s say, “worldly”, knowledge are harder to come by and take time to hone properly. In the latter parts of my career I would say spending time working on technical knowledge, stakeholder management and decision making have been the most beneficial. Stakeholder management in particular, as it’s very hard to do well if you don’t have the backing, support and respect of others.
Do you look for candidates with a particular educational background or particular qualifications?
Educational background – not really. Qualifications – it depends on the role. I think educational background can be a red herring sometimes. I’ve experienced some extremely intelligent (from an academic standpoint) individuals who lack basics in drive, dynamism and delivery and I have seen those who have had no real formal education, other than school, go really far in their careers. Having said that, I’m not necessarily advocating a non-educational route, as you learn so much outside the pure academic side – ultimately it should be a personal decision and there’s no right or wrong. Having a qualification can of course be a good thing and, for very technical roles, can be a great way to set yourself apart, however, it’s not the be all and end all and there’s no better way to learn than on the job.
What advice would you give to a junior starting their career?
Do the basics right. There’s nothing more frustrating than giving someone their first job or first real opportunity just to see them waste it due things like time-keeping, work ethic or general professionalism. It’s getting harder and harder to find jobs these days for young people so, whatever career people choose, grab it with both hands, try your best, ask questions and don’t be afraid to get things wrong. If you do this and it doesn’t work out, so be it, move on and don’t let it prevent you moving on.
What advice would you give to a mid-level professional?
Probably not too dissimilar to my advice for juniors! When you get to mid-level you’ve three types of people, I find: those who don’t mind staying where they are at the same firm (type 1), those that want to stay at a similar-ish level but move across different firms (type 2) and those that want to move up and up (type 3). There’s nothing wrong with any approach here and it’s ultimately based on your character and personal circumstances, however, whatever your view, make sure you’re still putting the effort in to your role.
If you’re type 1, perform consistently, retain and share knowledge with new members, keep up to date and become the “glue” of the team/function. If you’re type 2, do similar things to type 1 but remember that continuous movement can be detrimental – it can be seen as disloyal, particularly where it cannot be matched with ambition. Type 3’s need to make sure they’re learning enough from each role they’re in and understand what the deltas are between where they are now and where they want to be (and therefore what they have to learn and soak up). I would also say if you’re looking to move upwards (although it does depend on what you’re interested in and what your skills are), be wary of pigeon-holing yourself too early in your career – where possible try and retain as broad a remit as you can. If you can’t do this in your specific role, then make sure you keep your knowledge broad as you’ll need it if you want to move into a bigger role in the future.
What advice would you give to a number two?
If you’re number 2 / deputy stage (like me, I guess), then it’s likely at some stage you’ll want to be number 1, or at least you’ve probably demonstrated that kind of ambition thus far. I would say this is your most critical juncture in your career – it certainly is in mine – because whatever is next is, potentially, a huge move. As a result, I wouldn’t rush into a role just because of money or status. You should be thinking about culture, remit, exposure, management responsibility, lines to senior management, budget – things which will affect your role and life on a day to day level. Package is important, of course, but would it really help negate the possible misery if all of those other things are going wrong, or aren’t what they seemed?
Make sure – which is true of many positions – you’re learning what is required to take you to the next step: leadership, management, operational nous, commercial awareness and relationship building. At this stage your technical knowledge should be fine, but keep it fresh and don’t lose sight of future looking requirements and where the world is heading (e.g. technology).
What do you see as the growth areas of financial crime in the next 18 months?
I would imagine the wealth and asset management sectors will continue to see a surge in demand for top quality candidates, most probably from the banking sector. Other regulated sectors are also coming more into the frame and under the microscope – legal, accountancy, gaming, real estate, and even crypto when it falls under AML regulations soon. The UK’s criminal exposure isn’t exactly dying away, so there’s going to be ever increasing demand across the board.
Use of technology has been a theme for a while and will continue and there’s certainly some cool tech out there to help start-ups and challenger banks, as well as the fin tech community. Banking professionals who are used to clunky systems and masses of data need to make sure they aren’t blind to what’s happening here.
Finally – and I think this is happening – there is a move to actually focusing resource on preventing financial crime, rather than just meeting regulations. Of course the latter is needed, but it can prevent the basics of our jobs (due to increasing regulatory requirements), which is ultimately to prevent and report financial crime.
For recruitment purposes, those people who can articulate how financial criminality (particularly in the wholesale markets) can manifest itself and what proactive steps we can take to mitigate it are putting themselves head and shoulders ahead of the rest of the pack.
Last, but not least, when you’re not in work, how do you unwind?
Right now, not much unwinding is happening! My second child has meant its back to tired limbs and yawning in the office. Having said that, my eldest is now 4 so there’s a lot of joy to be had in getting lost in the way he sees the world. When there is some downtime I still play football (and watch a lot of it) and attempt to keep fit, binge watch Netflix/Now TV, cook, don’t cook and use Deliveroo and, most importantly, find the time to enjoy a velvety, Chilean cab sav.
To learn more about Phil, visit his Linkedin page here.