CFIT CEO: There’s still not enough diversity in the City
Each week, we dig into the memory bank of the City’s great and good. Today, Anna Wallace, CEO of the Centre for Finance, Innovation and Technology, takes us through her career in Square Mile and Me
CV
- Name: Anna Wallace
- Job title: CEO at the CFIT
- Previous roles: Senior programme officer at the Gates Foundation; member of senior leadership team at the FCA and civil servant at UK Government
- Age: 46
- Born: Lerwick, Shetland
- Lives: Brockley
- Studied: PPE
- Talents: Bringing people together (metaphorically, not literally)
- Motto: Build trust. Unlock innovation.
- Biggest perk of the job? Dinners at Mansion House still blow me away!
- Coffee order: Oat Capp
- Cocktail order: Martini
- Favourite book: East of Eden by John Steinbeck
What was your first job?
I got my first job at 14 years old as a pharmacist’s assistant. I got paid a whopping £1.10 an hour!
What was your first role in the City?
I worked in the licensing division at the Financial Services Regulator (FSA). It sounded pretty dull at the time, but turns out it’s incredibly important to competition and economic growth – a lesson I took with me when founding the regulator’s Innovation Hub several years later.
When did you know you wanted to build a career in finance?
I studied Philosophy, Politics and Economics at university, so naturally I’ve always been interested in the financial system and how money makes the world spin. But it wasn’t until the Financial Crisis that I truly realised the far-reaching impact of financial services. Specifically, I was interested in how the sector can be transformed to make lives easier for those working in financial services and those who are impacted by it (which is essentially everyone!).
I became the head of innovation at the Financial Conduct Authority (FCA) where I led the world’s first regulatory sandbox and helped establish the Global Financial Innovation Network, setting new standards for cross-border regulatory collaboration. I later moved onto the Bill & Melinda Gates Foundation to oversee the organisation’s global investment strategies in financial inclusion and regulatory technology.
When the CEO position opened up at the Centre for Finance, Innovation and Technology (CFIT), I jumped at the chance. It combined all my passions – the intersection of finance, technology, innovation and regulation – across a whole host of industries from Open Banking to SME finance to Open Property and more.
What’s one thing you love about Canada?
It’s a thriving innovation hotbed. There’s so much talent, opportunity and potential to be unlocked – not just in finance but across industries like AI, property and retail.
And one thing you would change?
I still don’t see enough diversity in senior jobs – progress has been made, but there is much more for us to collectively do.
What’s been your most memorable business lunch or dinner?
Last year, I was coming back to UK fintech after my time at the Gates Foundation. I was at Rachel Reeves’ Mansion House speech in my first CEO role at CFIT – the appointment hadn’t formally been announced, yet it appeared on the table plan. Throughout the speeches I kept catching people mouthing ‘congratulations’ to me. It was wonderful to feel the support from so many across the industry.
And any business faux pas?
Last month, I co-chaired a roundtable on financial inclusion with Her Majesty Queen Máxima of The Netherlands. Let’s just say I didn’t quite nail her UN title – United Nations Secretary-General’s Special Advocate for Financial Health – the first time around. The good news is, it was a private roundtable. The bad news is, it was later posted on YouTube.
What’s been your proudest moment?
When I secured a £50m investment from Bill Gates to support consumer protection in emerging markets. His investment will go a long way to addressing problems like frauds and scams that can have life changing impacts on vulnerable consumers.
And who do you look up to?
Eleanor Roosevelt. She showed that lasting change comes from bringing people together around shared principles, and she helped shape institutions that still matter today.
What’s the best career advice you’ve ever been given?
Find your niche. Being different is your edge.
And the worst?
Be patient…
Are you optimistic for the year ahead?
Absolutely! The City has been incredibly resilient in recent years. There is considerable energy from government, industry and regulators to build on this resilience and drive growth in financial innovation. At CFIT, we are so excited to lead the charge on tackling some of the most systemic challenges holding back financial innovation in the UK – whether that’s around Open Banking, SME access to finance or digitising the homebuying process, or around emerging challenges and opportunities in spaces like agentic commerce.
The great thing about CFIT is we are properly tuned in to the latest thinking of government, regulators and industry, and we are agile enough to respond to emerging challenges and opportunities.
We’re going for lunch, and you’re picking – where are we going?
Malibu Kitchen. Light and healthy. I always enjoy people watching at The Ned!
And if we’re grabbing a drink after work?
St Swithins Wine Shippers – excellent wine, fantastic cheese with a quintessential City buzz.
Where’s home during the week?
Leafy Brockley, South East London.
And where might we find you at the weekend?
Our favourite coffee shop, Browns of Brockley, and chilling with friends and family.
You’ve got a well-deserved two weeks off. Where are you going and who with?
Let’s go to Sicily with friends and enjoy the wild beaches of the South with a cold, crisp glass of Chardonnay in hand.