Richard Bain

A senior leadership position responsible for overseeing regulatory compliance across State Street’s Markets operations in the UK. This role ensures the development and execution of a robust compliance oversight framework covering multi-asset agency and principal trading desks, regulated trading venues, securities financing, and other financial services activities such as research and treasury. Key responsibilities include:- 

• Lead a team of experienced compliance professionals, providing strategic direction and oversight to ensure full adherence to applicable laws, regulations, and internal policies. Align UK compliance initiatives with global objectives and execution strategies.
• Serve as the primary liaison with the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) for UK Markets operations. Manage regulatory relationships, attend supervisory meetings, respond to inquiries, submit required notifications, and support regulatory examinations.

• Represent Compliance at key UK and legal entity governance forums, including those focused on markets operations (e.g., credit and market risk) and compliance risk management (e.g., conduct and culture).

• Advise and support UK leadership in meeting their obligations under the Senior Managers & Certification Regime (SM&CR). Provide strategic compliance guidance on operating, scaling, and managing business activities in line with regulatory expectations.
• Identify, assess, and escalate compliance risks related to UK market operations. Develop and maintain tailored policies, procedures, training, and controls. Act as an escalation point for potential breaches of policy, law, or regulation, and lead investigations and resolution efforts as needed.
• Work closely with Legal, Risk, and Internal Audit teams to manage regulatory risk in accordance with the three lines of defense model and the firm’s compliance risk management framework.
• Provide regular updates to Senior Management Functions and the UK Board on compliance matters, including risk assessments, breaches, and remediation efforts.

Responsibility for overseeing two global Compliance Oversight Programs within State Street's electronic exchange (GlobalLink) and digital assets (State Street Digital) businesses. Product coverage includes regulatory oversight for three globally regulated FX trading venues and activities designed to bridge traditional markets and infrastructure with emerging digital capabilities (e.g. Blockchain / Tokenization). Major responsibilities include: 

• Develop and maintain relationships with National Competent Authorities, including the FCA, CFTC, MAS, OSC, HKMA, ASIC whilst ensuring that the firm has the required licenses / registrations and maintains compliance with applicable conditions. 
• Identification of regulatory obligations applicable to or impacting the firm and provide stakeholders advice on risk management and mitigation strategies. 
• Deploy risk assessment methodologies to evaluate the firms regulatory risk management programs - determine the overall regulatory risk posture and attend / present to boards, governance and risk committees. 
• Responsible for successful issues management related to regulatory breaches, control failures or required remediation to improve overall regulatory risk posture. 
• Develop, oversee and coordinate annual Compliance Risk Testing programs and resources, including associated management information reporting.
• Collaborate with compliance stakeholders across transversal risk programs (e.g. AML, Sanctions, Conduct) to prevent and detect potential breaches of the firms' policies, standards, legal or regulatory obligations. 
• Compliance oversight of the business units Market Surveillance program, including trade and communications monitoring. Investigate, escalate and report to NCA's potential acts of market misconduct and/or financial crimes.   

Relocated to the firms United States headquarters to lead and enhance the firms global monitoring and surveillance of conduct and conflict risk. Responsible for the execution and governance of:-

• Managing a global team of surveillance managers / analysts focused on key conduct and conflict risks, including oversight of personal trading, gifts, entertainment, outside activities and personal conflicts of interests. 
• Designed, implemented and responsible for ongoing monitoring of surveillance models in accordance with enterprise model risk management practices. Models leverage emerging technologies and data analytics to identify and mitigate key conduct and conflict risks, e.g. market abuse, insider trading.  
• Developed, deployed and maintained the enterprise-wide Insider List capability and associated polices, controls and regulatory obligations whilst identifying and mitigating risk associated to potential conflicts and wall crossings in accordance with regulatory requirements, i.e. EU Market Abuse Regulation.  
• Manage a team that investigate and pursue conduct sanctions for violations of the firms' policies and escalate in accordance with the firms conduct enforcement standards and as appropriate to meet the firms regulatory or legal requirements.
• Provide compliance advisory to first line of defense stakeholders as it relates to conduct and conflict risk more broadly. Additionally responsible for compliance advisory to the distributed market surveillance programs within our Investment Advisory and Global Markets businesses. 
• Provide compliance advisory and oversight for the enterprise whistleblowing program whilst acting as the key escalation group for all conduct and conflict matters. 
• Work collaboratively with Chief Compliance Officers on the design, implementation and monitoring of the firms polices and standards. Including risk identification, assessment, monitoring and reporting.

Supporting Chief Compliance Officers ensure operational effectiveness whilst supporting their efforts in providing insight & advice on policy development, training needs and best working practices across the bank.

Key Highlights:

• Provided specialist advisory support in the areas of trading, investments and financial market risk whilst working globally to establish, operate and manage a highly repeatable compliance monitoring solution.
• Managed the firms’ strategic personal conflicts of interest technology solution (StarCompliance), including oversight of personal trading, gifts, entertainment, outside activities and personal conflicts of interests. 
• Operational duties included the management of the firms’ relationship with globally utilized compliance vendors – responsibilities include managing service deliverables, product enhancements and technology upgrades.
• Successfully rolled out the functions (GDPR compliant) global privacy program in 2015; this included the development of the programs procedures, controls & outsourcing / SLA framework. 
• Other major responsibilities were breach management, program enhancements, control validation and working with external stakeholders to manage C&T, audit and reaction to regulatory changes and/or enquiries. 

Key Highlights:

• Responsible for the management and engagement of strategic corporate partners.
• Individually responsible for the design, marketing and oversight of a strategically important product / revenue line.
• Delivered Assets Under Administration (AUA) growth of circa $300m - $450m, a 33% increase in 2.5yrs.
• Responsible for the coordination and execution of non-advisory fixed income, equity, collectives, derivative (e.g. CFD and Spread Betting) and FX trading activity for Ultra High Net-Worth individuals & SME corporates. 

• Responsible for the relationship management and ongoing service reviews of the retail and high net worth brokerage clients.
• Directly responsible for the order management and execution of client transactions spanning equity, collectives, fixed income, FX and derivative products (e.g. CFD and Spread Betting). 
• Delivered first in class client experience and leveraged client relationships to drive increased revenue and product integration.
• Worked directly with our Chief Investment Strategist to deliver a program of private client investment seminars.

• A private client relationship manager focused on the delivery of the banks premier and business solution, including associated products / services.
• Responsible for the sale and distribution of a wide range of credit, Lending and life Assurance products.
• Voted a top 300 employee in 2006 as the UKs #1 Life Assurance lead generator.