Trainers to the Regulator?
A few people have sent me an email or DMs on LinkedIn about this over the past couple of days - some appreciative, some less so! So I thought I'd do a short post to explain.
Examples of what I've received include:
“Seriously man, thats disrespectful”
“Too informal, insurtechs always go one step too far”
“Your seeing a regulator, not your mate”
Some companies treat regulation as a necessary evil. They put on the "corporate costume" send a 200-page document, and treat the regulator like an obstacle to be managed.
But here’s the reality: Regulators see through spin every day.
They encounter teams that are too scared to own decisions, they offload decision making onto the regulator's desk instead. They see people performing professionalism while running fragile businesses behind the scenes.
Our philosophy is about building trust through honesty, not theatre.
I sat in front of the Gibraltar Financial Services Commission (GFSC), Malta Financial Services Authority (MFSA) and the UK Financial Conduct Authority (FCA) regulators wearing trainers. In fact, I never wore anything else. Not to be edgy or casual, but because I’ve learned that the shoes don't carry the message. Competence, technical depth and transparency do. The fact that I wore trainers is irrelevant really.
Transparency is non-negotiable. All regulators operate under the FCA’s Principle 11 or its equivalent in their jurisdiction (such as the Duty of Cooperation in the EU). This requires firms and individuals to deal with regulators in an open and co-operative way.
Many people get defensive about this - they’ll tell regulators what they want them to know.
Instead, imagine saying "Here's a risk we're monitoring, here's our mitigation plan, and here's why we're telling you" or “This could be a material change to our business, we don’t think it is, here’s our reason why, and we wanted to flag with you anyway”. You build a relationship instead of a transaction. When you have that level of foundational integrity, the "suit and tie" become optional.
The performance doesn't matter. What matters is: Can the regulator trust you to run a safe, sustainable business and keep them properly informed?
If the answer is yes, then wear whatever you want, trainers optional.
