Caroline Wayman: Surviving Tough Times at the Financial Ombudsman

A Career Shaped by Problem-Solving and Purpose

Caroline Wayman, currently the global head of financial services at PA Consulting and chair of the board at Nottingham Trent University, has built a career defined by her passion for problem-solving and making a positive impact. Her journey through the financial sector has been marked by a commitment to fairness, innovation, and leadership.

Wayman’s career began in the early days of her professional life with a paper round, which she recalls as an early lesson in discipline and responsibility. This was followed by her first full-time job at an insurance company in Kent, where she started to develop an understanding of the industry that would shape her future.

Her first role in the City of London came at the Insurance Ombudsman Bureau, located near Borough Market. It was here that she first encountered the dynamic environment of financial services, setting the stage for a career that would take her to the top of several key institutions.

The Golden Thread: Solving Problems for Customers

Wayman credits her drive to solve problems and create better outcomes for customers as the central theme of her career. Whether it was investigating insurance disputes or overseeing responses to mortgage endowment mis-selling and PPI issues, her focus has always been on improving systems and ensuring fairness.

This philosophy led her to become CEO and legal director at the Financial Ombudsman Service, where she spent years shaping policies and practices that impacted millions of consumers. Today, as global head of financial services at PA Consulting, she continues to support leaders in navigating complex challenges, such as the upcoming Supreme Court ruling on motor finance cases and the implications of the Leeds Reforms.

What She Loves About the City

One of the things Wayman loves most about the City of London is its energy, history, and the sense of possibility it offers. She often speaks of the legacy of those who have walked its streets before, drawing inspiration from their achievements.

However, she also acknowledges the need for progress. While there has been improvement in diversity and inclusion, she believes there is still much work to be done to ensure that people from all backgrounds can access opportunities and thrive in the financial sector.

Memorable Moments and Lessons Learned

Wayman has many memorable experiences from her time in the City, including dinners at the Mansion House, where she once found herself seated next to the Queen’s stamp exhibitor. She also recalls her early days studying at the Bar, where the formalities—like using Latin notes to request bathroom access—were a new and sometimes confusing world.

She admits to having made her fair share of business faux pas, particularly when it came to dress codes. However, she emphasizes the importance of honesty, humility, and trusting one’s instincts, especially when asking questions that may seem “silly” but are actually insightful.

Prides and Inspirations

Among her proudest moments are leading the handling of 2 million PPI complaints at the Ombudsman, becoming global head of financial services at PA Consulting, and chairing the board at Nottingham Trent University. Each of these roles has allowed her to influence the lives of thousands of people.

She also looks up to her 12-year-old niece, a talented footballer whose achievements and admiration for female athletes remind her of how far women have come in sports—and how much more progress is needed.

Advice and Outlook

The best business advice Wayman has received is, “This too shall pass.” She often shares this with clients during challenging times, emphasizing the importance of perspective and resilience.

On the flip side, she warns against focusing solely on short-term gains. Leaders, she believes, should take a long-term view, avoid chasing drama, and remember that success is not just about individual achievement.

Looking Ahead

Wayman remains optimistic about the future, particularly regarding the potential of the Chancellor’s Leeds reforms to drive change and growth in financial services. She is excited about the conversations happening with clients and the opportunities they present.

When it comes to leisure, she enjoys a good Italian restaurant in Central London or a healthy Indian spot in Twickenham. On weekdays, she prefers alcohol-free craft beers, and weekends are often spent playing tennis or visiting Cornwall.

With two weeks of well-deserved time off, she plans to spend them with her husband, anywhere by the sea.