Celebrating her one-year anniversary with Oakglen Wealth, our Compliance Officer Charlotte Larbalestier is an asset to the Jersey Wealth Team, with her extraordinary attention to detail, and proactive approach to legislation and regulation. To mark another exciting milestone and honour International Women’s Day, we put Charlotte under the spotlight with a round of probing questions about her time at the firm so far and her experience in the world of compliance. In this interview, she reflects on her journey, shares insights into tackling new legislation, and looks forward to expanding the scope of her role within the company.
Welcome Charlotte and thanks for sparing us some of your time today. Congratulations on your recent one-year anniversary with Oakglen Wealth. To mark this milestone and celebrate International Women’s Day today, we would love to ask you a few questions about your time at the firm so far and find out more about you and your role as our Compliance Officer in Jersey.
How does it feel to already have been with the company for over a year now?
It has gone by so quickly! The past year has been truly remarkable in terms of change and growth. We’ve achieved so much in such a short span of time, with little opportunity for reflection. From executing a rebrand and moving offices to implementing new systems and processes, my focus has been on facilitating compliance across the business. Personally, I’ve relished the opportunity to join such a fast-growing business like Oakglen Wealth, embracing change and learning from my past experiences.
We’ve worked diligently to streamline processes, aiming to simplify and enhance efficiency. It’s been incredibly refreshing to see the team’s openness to new ideas and willingness to experiment with novel approaches. I have been empowered to put forward my ideas and utilise my experience and skillset, which has helped me thrive in the role. Overall, setting up these processes has been a rewarding journey, and I’m excited about the continued evolution and improvement ahead.
What is the best thing about working at Oakglen Wealth?
Joining a smaller business like Oakglen has been a fantastic opportunity for career growth, particularly for myself. Here, I have been afforded the chance to attend board meetings, putting forward my suggestions, whilst gaining invaluable exposure to senior management. What’s great is that every contribution I make is truly heard and valued; there’s an open line of communication that’s often lacking in larger firms. The lack of unnecessary blockers has been refreshing, allowing me to make meaningful contributions more readily. It’s incredibly rewarding to see that our efforts are appreciated, with positive feedback to reinforce the impact of our work.
What is different at Oakglen Wealth (good or bad) from your last employer?
Going from a big company to small company, what really stands out is how well we know our clients. The mission statement for the business is to put our clients first and that truly is the case. Our wealth team know people inside out – we know their life updates, important milestones, hobbies, and interests. It helps us to really be on the ball with things and because we are smaller, give our clients more time to nurture the ongoing relationship. Our clients come first and when they pick up the phone, they will always speak to someone they know and are comfortable to deal with on their financial affairs. For want of a better term, we are like a family and offer recognisable people with a great service. In a larger company, there are so many people with a higher turnover of staff, so it becomes fairly impossible to know everyone on either side.
What do you know now about the firm that you wish you had known in your first week?
I wish I had known just how rewarding this first year was going to be and what exciting things were in store. I had joined a firm at the beginning of a year of fast-paced growth and would be manoeuvring different stepping stones throughout my time, to truly be a part of something positive.
How has it been getting to know your colleagues across the team and wider group?
Getting to know my colleagues across wealth and the wider group has been an enriching experience. Collaborating with diverse perspectives and different skillsets (not to mention personalities!) has enhanced teamwork and fostered a supportive environment for achieving our common goals. I have really enjoyed developing these lasting relationships in such a short timeframe and look forward to continuing to nurture them.
Moving onto your role as Compliance Officer. There are so many possible pathways into the area of legal regulations and ethical standards…
What was your path like and how did you get into compliance?
When I initially began my career, I was working in client services and wasn’t entirely certain about which path to take. Being in Jersey, which is such a finance hub, it became evident that the investment world held significant promise. I found myself drawn to the due diligence aspect, relishing the investigative nature of following the lifecycle of funds. This naturally led me to a role focused on customer due diligence (CDD) and account opening, where I eventually found a better fit with compliance. I discovered a genuine enjoyment in tackling financial crime issues, recognising the evolving landscape and the importance of conducting business ethically.
Over the past five or six years, I’ve witnessed a notable shift in perspective. It’s become increasingly clear that while we aim to conduct business, it must be done with integrity, mindful of the broader impact. This reactive approach aligns with the evolving landscape, emphasising the importance of doing business the right way. My experience in client services has made me more pragmatic, emphasising the importance of both growing our business and prioritising the client’s journey, ensuring that we adhere to regulatory standards. My background in client services has provided me with a solid foundation, understanding the expectations clients have from our business.
How do you stay current with your understanding of regulatory and legal requirements as well as internal policies?
Jersey’s reputation as a leading international finance centre has been supported by being a well-regulated jurisdiction, therefore a great deal of our standards come from the Jersey Financial Services Commission (JSFC). The JFSC have published a significant amount of new legislation, guidance notes, feedback papers, therefore we are receptive to them as a governing body and deal with the implementation across our business. Jersey also had a recent evaluation from MONEYVAL therefore guidance is also available from them as a permanent monitoring body of the Council of Europe, to ensure we are meeting international standards.
There are so many other resources available to Compliance Officers; I attend regular webinars and seminars on different topics in the area, as well as keeping current with appropriate qualifications, such as from the International Compliance Association. We also regularly review and adopt updates from Jersey Finance and The Government of Jersey to keep abreast of any changes to legislation. In November, I attended the Economic Crime Symposium, which was hosted by the Jersey School of International Financial Services, which covered any key updates and some interesting topics such as Sanctions and Artificial Intelligence. My attendance was supported and encouraged by Oakglen.
How have you seen risk and compliance evolve in the investment management industry over the last few years?
In Jersey, we had historically been a principles-based regulator – it was very much a case of ‘here is the handbook and some high-level rules for you to set the standards for your business’. However, it feels as if we are moving into a more rules-based and prescriptive regulatory regime. The JFSC, as mentioned previously, keep us up to date with legislation, highlighting any changes. More specifically, they recently provided guidance on adoption and the overall landscape of developing technology, so we know what is on the horizon. This helps us stay ahead of the game on what is coming.
For example, with artificial intelligence (AI) and its evolving capabilities, we are both intrigued by its technological advancements yet apprehensive about its unknown implications. I am from a digital generation so I’m quite comfortable with technology but there is fear of the unknown for so many of us. I previously heard about a scenario where an AI bot, while proficient with technology, lacked the discernment to anticipate the consequences of its actions, such as trading in a volatile market situation. This incident underscores the importance of regulatory oversight to guide AI applications and mitigate potential risks.
Similarly, the perception of cryptocurrencies and blockchain technology is often clouded by negativity, primarily due to their association with illicit activities on the dark web. However, I believe that with advancements in tracking and regulation, transaction exchanges and digital wallets can now demonstrate transparent transaction flows, enhancing security and accountability. Nonetheless, clear legislation in jurisdictions like Jersey is essential to navigate the future of this financial landscape responsibly. This is the future of how things are going so it is imperative to keep up.
Do you have any tips for someone thinking of starting a career in compliance?
There are many different pathways that lead into compliance. You can easily go straight into the area however I think it is very important to understand the business first before taking that step, as there is so much to know and learn. I would recommend spending time gaining a thorough knowledge of the business/industry and an awareness of where possible breaches may occur. That understanding will serve you best in the long run.
Once you develop transferrable skills, it can then be applied across different business segments, such as Wealth, Corporate Services and Funds. Although it might be the same handbook, it is about how we convert that handbook to our specific industries. The grounding is important to ensure we are compliant at all levels.
Charlotte is a qualified first responder for the medical charity Normandy Rescue
What would you say your best strength is as a Compliance Officer?
Organisation is key, which suits my personality perfectly since I’m a very organised person. I also have a keen eye with strong attention to detail, which suits a role in compliance, I think. I enjoy reviewing legislation and updating policies, giving order to everything we do. Part of my role is compliance monitoring where I have to assess adherence to applicable legislation, regulatory requirements and corresponding controls, this is a meticulous process which requires significant attention to detail.
How do you collaborate with other departments to ensure a holistic approach to the risk and compliance framework across the firm?
For my personality type, I work well with others and am an open, approachable person. For us in Jersey we can feel quite isolated to some extent, therefore it is paramount to have a strong connection with the UK team. This works well particularly if I’m studying a piece of legislation and determining its application. I can speak to someone like Gill Thompson-Daly or Phil Burbidge in our UK team and know that I will be supported to discuss and analyse, so that we are all aligned. This year we had a new Investment management system implemented, so it was essential for us to share best practice exchanges and collaborate constantly.
I have been in discussion, to set up regular compliance meetings, to be run every few weeks to touch base with the UK. This will allow the Compliance Teams across our jurisdictions to share across the group and highlight our key objectives for the business, as a Compliance Forum.
What steps have you taken to enhance your professional development in the regulatory space over the last year?
Within the last week, I have been speaking with our Managing Director David Baker, about working towards a Money Laundering Compliance Officer (MLCO) role. This has involved scheduling and organising key training sessions, as a natural progression for me within the business.
As part of my role, I am responsible for providing a comprehensive Compliance Summary to the Board on a quarterly basis. This report includes updates on risk indicators, JSFC updates, and a summary of compliance work conducted during the quarter, including results from Compliance Monitoring Program and the Compliance Officer’s report, highlighting PEP and High-Risk cases. Additionally, I ensure a high-level summary of any updates, review, and ensure gap analysis is conducted, fostering open dialogue within the team. I also facilitate a quarterly refresher session covering any updates, policy changes, and conducting Q&A sessions to ensure team members understand and can apply the information effectively. This includes addressing any errors or points identified during monitoring activities, ensuring continuous improvement and adherence to regulatory standards.
What are your goals for the upcoming year and how will you look to further contribute to the company’s success and our client offering?
As mentioned previously, I am working towards having more of an MLCO role in the business, which will involve undertaking the relevant training. I will also be working on several key business initiatives and looking to tidy up all our policies and CDD guides, ensuring that these are more client friendly. After such a hectic year it’s a good opportunity to re-review our processes to ensure they are slicker and to streamline things in line with the new systems and technology we have invested in as a firm.
Thanks again for sparing us your time today Charlotte and we wish you all the best in your role at Oakglen Wealth.
We hope you enjoyed this interview and continue to honour the important women in your own lives, both personal and professional. Catch up on our last Under the Spotlight with Investment Manager Eloise Rouse for more team content.