Unlocking Success in FS Regulation with Fiona Cameron

I'm delighted to introduce to you Fiona Cameron. Fiona's career started in a small Edinburgh law practice and she quickly transitioned to in-house roles at major insurance and investment firms before landing at RBS, now NatWest. Her journey involved navigating the intricacies of a global corporation amidst the 2008 Financial Crisis. Fiona's path wasn't without its challenges. She shares insights on breaking through gender stereotypes and subtle biases, emphasizing the importance of self-belief. As a female leader, she's not only enriched her own career but also uplifted colleagues underestimated by traditional hierarchies. Fiona's is a compelling story of perseverance and the transformative power of confidence. It's a must-read for those seeking inspiration in financial services and aspiring to shatter glass ceilings.

Could you explain how you started in your career and how you’ve reached the position that you’re in today?

I started out as a lawyer in a small private practice in Edinburgh then quickly moved to become an 'in house' lawyer with a large insurance firm, then an investment firm, and then moved to work with RBS's legal team. RBS has since rebranded to NatWest and I've worked here for over 20 years but in that time I've had a variety of roles.

When I started out at the bank, RBS was the 5th largest banking group in the world and I had to quickly learn to navigate a global corporation.

We then experienced the Financial Crisis and all of its ramifications, one of which was a lot of work to be done in the area of regulation, compliance and conduct towards customers, so I took the decision to move away from legal work and take a senior role in regulatory risk. This was a great decision as I've built up fantastic knowledge and experience over the years in a variety of senior compliance and risk management roles. I've also been given great opportunities to develop my leadership skills, including excellent training, coaching and mentoring

Did you encounter any specific barriers or obstacles when building your career that could be attributed to your gender, and how did you overcome these?

When I started out as a trainee lawyer, the senior partner, who was on the verge of retiring, told me he had been concerned that the two junior partners had recruited a female trainee. He told me: 'Men hang up their troubles when they hang up their coat. Women are generally unable to do that.' His biggest though was, he said, that women had no sense of humour. He then told me that he was very pleased that I had proved to be an exception! The reason for retelling this is both that it shows we have come a long way but also that it's possible to turn things around. Stay true to yourself, believe in yourself and you'll prove the detractors wrong - and find help to stay resilient along the way, whether that's a friend, mentor or other support, then return that support to others.

In truth, it's the less obvious barriers which have been more frustrating, for example being told you are 'aggressive' when you are merely being assertive just as a man would be.

How do you think that your unique perspective as a female leader might have contributed to any of your career achievements or success to date?

I have a great network of colleagues I can turn to for help and support when I need it. Many of them are people whose potential I've recognised when other managers have passed over them in favour of someone who is more confident or more experienced and technical. Over the years, it has tended to be women more than men who are impacted in this way but it happens to both genders. A lot of people really flourish if they are given simple encouragement and support and are generally keen to give back in return so it's a nice win-win.

What positive changes, if any, have you seen over the course of your career in terms of gender diversity in your industry and what strategies or initiatives have brought about these changes?

I've seen hugely positive changes in terms of gender diversity during my career although there's undoubtedly still a problem when it comes to the most senior roles. There's no doubt that flexible working has had a huge impact, enabling both women and men to juggle childcare commitments more easily. It's a self-perpetuating positive story in that the more women take maternity leave, have children and maintain their career, the more other women see it's possible and will strive for it.

In my view, role models of all varieties are incredibly important to achieve fairness and diversity.

How do you maintain a strong sense of well-being in, what can be, a stressful and pressurised working environment?

There are some fantastic people who work at NatWest and I've got a trusted network. So I have colleagues I can turn to for advice or simply to sound off about something. I try not to bring the stress and pressure home with me but that can be challenging sometimes

How do you strike a healthy work-life balance and juggle conflicting demands on your time and energy?

Diary management is probably the most important thing and I've got so much better at this over time. Blocking out time is essential as is focusing on your most important strategic goals and not getting continually side-tracked on things that are less important. I'm not a fitness fanatic but I do try to get out for a walk every day, even if it's just for 20 minutes of fresh air.

Have you ever suffered with ‘imposter syndrome’??What advice would you give to women who grapple with self-doubt as they’re climbing the career ladder?

Imposter syndrome will always be with me, I've just got better at suppressing it.

I think you just have to shut out the voice of self-doubt as best you can and one of the best things I think is to fake confidence until it becomes real.

It's surprising how differently people respond to you if you sound more confident, and hearing yourself sounding confident and others having a positive reaction then in turn gives you more confidence.

How important have you found your network to be during your career? How would you advise a junior to start to build a strong professional network?

My network is important but in all honesty I haven't consciously built it. I think if you are open, friendly and a good colleague then your network will grow naturally. I do think there's merit in being thoughtful about it, I just haven't done it that way.

Have you had any significant mentors throughout your career? How did they contribute to your success as a female leader?

I haven't really had mentors. I've always had great colleagues to bounce things off and ask for advice though. I think some of my success as a female leader came from a drive to prove wrong some of the less enlightened leaders I had in the early days.

What are your thoughts on the future of FS regulation in the coming years and women’s place at a senior level within it?

Clearly regulators have realised that 'group think' has been the cause of a number of poor decisions by organisations and is so much more likely when there is a lack of diversity, particularly at the top of the organisation.

It's clear to me - as it is to regulators and actually to organisations - we need more women in senior positions and more diversity generally.

In order to get there, I hope that we can move away the common scenario where women are short-listed but time after time they don't get the job. This happens too often and puts other women off applying for senior roles.

Do you have any more observations or advice that might help women entering the world of FS regulation today?

There are many firms and in large ones there are many different types of roles. Be brave.

Don't stick to something you know you can do, stretch yourself, take chances and you'll have a more rewarding career.