Helen Ainsworth – Senior Manager, PRA (#27)

Episode 27 of the Money Made Human podcast features Helen Ainsworth, Senior Manager for Credit Unions at the Prudential Regulation Authority (PRA).

Helen leads the team responsible for credit union policy and supervision at the PRA, playing an important role in supporting the safety, resilience, and long-term success of the UK credit union sector.

In this episode, host Gayle Lloyd speaks with Helen about her career with the Bank of England and the PRA, the values that shaped her growing up, and the experiences that influenced her understanding of money from an early age. She shares why she is passionate about helping the credit union movement thrive and discusses the importance of openness, collaboration, and trust between regulators and the sector.

Key topics in this episode include:

• Helen's career journey with the Bank of England and the PRA
• The role of the PRA in the credit union sector
• Why credit unions matter to communities across the UK
• The importance of open dialogue and strong relationships between regulators and credit unions
• Operational resilience and preparing for future challenges
• Helen's hopes for the future of the credit union movement

As always, thank you for listening. We hope you enjoy the conversation!

Transcript

SPEAKER_01 0:00

Welcome to the Money Made Human podcast. It celebrates at its heart the work of credit unions and their vital role in enriching our lives and communities. Brought to you by first class credit unions. Each episode features insightful discussions revealing the meaningful impact that can be made through economic collaboration. Mostly, it's a collection of compassionate conversations about navigating life and the individual journeys we take away and welcome to Moneymade Human, a podcast by First Class Credit Union. And we are delighted today to be joined by a very special human. We have Helen Ainsworth here with us, Senior Manager at the PRE.

SPEAKER_00 0:53

Thank you very much. It's lovely to be here.

SPEAKER_01 0:55

Helen, we are so grateful for you to be here. You're very special to us as a credit union. Before we start, I just wanted to explain to our listeners the PRE is the Prudential Regulation Authority, part of the Bank of England. You guys regulate us, so you make sure we do our jobs sustainably and safely. But I just wanted to come back to your job title, which is Senior Manager Credit Unions. Now, for a bit of context, that's quite an important job because there's what I guess what 1,500 financial institutions, all of those will have a CEO. For credit unions, there's about 300 credit unions with I guess £5 billion worth of assets. So you're quite important to our ecosystem.

SPEAKER_00 1:50

Yeah, so I guess each firm would have a team with a senior manager on it, whereas I'm the senior manager for the whole of the credit union sector, and obviously you've got the the ones over 50 million, the ones over 10 million, and then the ones up to 10 million, and they're all important to us, and we want them all to sort of thrive. And my team is actually responsible for credit union policy as well as credit union supervision, so it is it is quite a big job. Um but I'm plenty looked after. I have enough people above me who know what they're doing, who make sure I'm doing the right thing, so don't worry, you're in safe hands.

SPEAKER_01 2:26

So you're you're really you're important to our ecosystem, and we're really uh grateful that you're here. I wanted to go back to the past if that's okay, because a big part of Money Made Human is about where we've come from and what has built our values. And I just wondered what it was like for you in the early life. What was your surroundings growing up and how did that shape your thinking and values?

SPEAKER_00 2:51

Sure, so I grew up in South East England in a comfortable but not really wealthy family with my mum and my dad and my younger brother. Um, and the values that were instilled into us were try your best and work hard, essentially, and whatever you achieve, if you give your best and try your hardest, is great. And my parents didn't go to university, but they really valued education, so they fought really hard. They went slightly counterculturally at the time and fought the system to get me into slightly different schools than my local school because I was put up a year, so they just wanted me to be comfortable in an environment that I would kind of thrive. So I was really grateful I could see them kind of trying really hard and valuing my education, even though they hadn't really achieved that much in their own, but they could recognise the benefits. So that's really what I came with. It was work hard. I was encouraged to get a job from a young age, so I had a paper round, you know, the traditional paper round, and then a Saturday job, and I did cleaning, I cleaned my church, and I taught musical instruments and I worked on a Saturday. So I did I did work quite hard as well as working at school, and I was taught that that's important.

SPEAKER_01 4:03

Um is that your earliest memory of money or or making finan little financial decisions for yourself?

SPEAKER_00 4:10

I think my dad taught us the importance of saving. So we had bank accounts opened, and there was something called the Griffin Saver account with uh one of the big banks. Credit unions aren't such a big thing in England, and that's one of my sort of goals for the sector, is that that there's a higher penetration rate everywhere, but especially in England where people haven't always heard of the credit union. So, but I was encouraged to get a bank account and put a little bit away of my pocket money every week. And my dad was made redundant a few times in our childhood, so we were he did always find a job quickly, so it wasn't a problem, but the we were taught okay, we have to really be careful about what we're spending now, and so we were just taught the value of money and to respect money and to say practicality, so yes, exactly, exactly.

SPEAKER_01 4:59

And you said you were put up a year in school, was that an academic, was that ability?

SPEAKER_00 5:06

It was at a young yes, in my very first school I was put up. Um, there were three of us, I think, and we were put up a year. Um, but then when I got to secondary age, the school system couldn't really cope with it. So I I moved into the private sector at that point because otherwise I would have had to repeat a year. Okay. And actually that was quite a thing for my parents, it wasn't what they would have expected to do. Um, but that was the only way it could be dealt with. And I think it's discouraged these days, people aren't generally put up a year, and I remember feeling emotionally kind of younger than my peers, and I wasn't very coordinated, so using like the compasses, I would cry and stuff. So I can see why they don't do that now. It's to keep you where you are and challenge you in the year you're in. But anyway, that's what happened to me.

SPEAKER_01 5:51

And what were you like at school? Because you're then a very regulated role now. Were you a rule follower at the time? Yes.

SPEAKER_00 5:59

I've always been a bit of a kind of good girl follower. Although you speak to my colleagues at work and they might say that I'm not so much of a rule follower now, even despite the job I I do push a bit against what is kind of expected. I I would always follow it in the end. So if there's but if I see something doesn't make sense, I will challenge more than the average kind of the average citizen in the bank, I will push and challenge and try and get what I think to be uh sort of justice or sort of sensible decisions. Um but once the decision's been made, I will I will always just be compliant and follow it. But at school, you probably wouldn't have recognised that. I was quite a good girl.

SPEAKER_01 6:38

And was there someone at the time at school that saw something in you that that led to this kind of specialism, or was there an adult that inspired you to do or take a career path?

SPEAKER_00 6:52

I did economics A-level, A-levels are our post-16 kind of exams for two years, and I did do economics A-level. We just do three subjects, and my economics teacher really did say, look, you you seem to really enjoy this subject, why don't you study at university? So I did. So yes, she she really believed in me. Um, in the end, I didn't do a master's or any postgraduate study in economics, and the bank would not let me call myself an economist. I have to be very clear that I'm not an economist, but it did lead me into that career at the bank. Yeah. Uh-huh.

SPEAKER_01 7:24

How long have you been with the the PI now?

SPEAKER_00 7:27

Uh well, I joined the Bank of England as a graduate. Oh, you did? In 1996, yeah, 1997, yes. Okay. Yes, I have been there sort basically my whole career. I left for three years and went to the Treasury, um, but I came back. So yeah, I've I've been there a long time. You've done the ground work? Yes. I have, I have, I know my way around. I've kind of grown up there, which is why I feel I can push the boundaries a little bit sometimes.

SPEAKER_01 7:54

Just before we come on to talk about credit unions, just then with your education and your family, I could sense that's an important thing for you. In terms of I I know you were saying your parents taught you to work hard, but in terms of values, was there other things that were important in terms of being kindness, in terms of being kind or you know, looking out for others? What was the kind of human part of that that they taught you?

SPEAKER_00 8:22

Yeah, I think I mean the my dad, my dad passed away in November, so it's all quite um raw, but he he was very much a people person and just was always very, very interested in anyone he meet, he met, and he could speak to anybody, and I and I loved that he would speak to the sort of the most senior to the most junior equally. Everyone was valid, everyone had a story, and he would always try and understand and see if there was any connection that he could make. If he was even in Glasgow, he would have tried to meet someone. Is there any connection he could make, which there would definitely not be, but um he would try and and that just taught me the value of individuals and speaking to everybody with respect and kindness, and he was always interested in absolutely everybody, and that has rubbed off, I think.

SPEAKER_01 9:04

I love that, yeah, and I'm sorry for your loss. Thank you. It's difficult. Um, in terms of looking at that, reaching out to others and and you know, acting with respect and kindness, has that stayed with you in your leadership?

SPEAKER_00 9:21

Yes, it definitely has because I I am very clear about as a as a business, not that we're a business, but from a business perspective, what we need to achieve and what our strategy and goals are. But absolutely everyone on my team, I would want to understand who they are, what their story is, what their goals are. And whilst I might be clear what they what I need from them, I would want to understand what they want and try and you know maybe move tasks or roles around a bit to help them achieve what they want and support them in their wider objectives because I don't expect to hold everyone on the team forever, they all have their own sort of journeys, and and to me that's incredibly important to understand what they want and how this fits into it to help get the best from them and help deliver the best to them. That's what I try, I'm sure I don't always achieve it.

SPEAKER_01 10:09

But is there a moment in your career, obviously with the bank, that remains with you in terms of how you've been treated, or a moment where you were were met with kindness? Is there a moment that stayed with you that you look back and think that was really important or pivotal to me?

SPEAKER_00 10:28

There is one moment actually that I can think of, and it was probably I can't remember exactly when it was 10-15 years ago, and I had made a mistake, quite a big monumental mistake that was embarrassing not just to me but to my boss, and the way that I was treated. The bank's got a culture of openness and transparency, and there's no kind of blessing, no blame culture, but it is put your hand up straightaway culture, which I did, and the response was okay. There was it was an open fessing up immediately, and then a working through the night to fix it. Um, so my boss worked through the night to help me fix this problem, having been open and transparent, and there was it was never mentioned again. But the thing that really stayed with me was not just the fixing it with me, but the being trusted to do it again next time. So just the trust that of course I wasn't going to do that again, but that was never said. I knew that I was gonna be checking whatever, learning my lessons. But the the respect that I was treated with after making that mistake, yeah, it it really stayed with me because it was quite big.

SPEAKER_01 11:34

Um that's so interesting, especially given your role now, and I'd like to come back and talk about that and how how credit unions should behave if they also make a mistake. It's a really fascinating example of it. Thank you for sharing that with us. Talking of credit unions, Helen, something something really stood out for us about you as uh as you do, you host webinars and information sessions for credit unions. And we were on one recently, and you said something that made me write to you, but you said you want credit unions to be the best they can be. And it it was it was really um touching for us because that's really what Money Made Human is about. Credit unions being the best we can be. What do you mean by that?

SPEAKER_00 12:27

So it's a really good question. It's a big question. It is a big question, and and I really mean it. And as the regulator, obviously, we have kind of rules and expectations, but we really want them to thrive, and we want them to thrive in an environment that is good for credit unions. So it's about what we can do to serve you and to provide you with sort of the environment that you want, but it's also about making sure credit unions are run well. I think I'm hoping to sort of raise the standard of governance, and also that the boards take responsibility and understand the risks they're running because credit unions take risks well, you're good at it. That's what that's the bread and butter, you know. Take risks. Um, but that you understand the risks you're taking and that you're doing the best for your members and that you're growing and that you're reaching as many people as possible, um, and creating kind of financial sustainability for as many people as possible, but that it's done kind of safely and that the sector grows sustainably and safely. That's kind of what I mean.

SPEAKER_01 13:37

No, we I we we totally stand with that as a credit union ourselves, and I guess we really appreciate the onus on elevating credit unions. We feel we deserve to be elevated in a society. Absolutely. So we're we're grateful for that. Why why are we important for society? Why are credit unions important for the economic structure of the UK?

SPEAKER_00 14:04

Well, they're they're they're fundamentally important, and as I said earlier, I really wish the penetration rate could could rise everywhere. It's they're there for everyone. So whichever community you've picked with your common bond, you're there for everyone within that common bond. And I love the fact that savings are encouraged. So people are getting to build their own kind of financial sustainability through learning to save or having that opportunity. Also, obviously, the provision of credit is really important, and most people need that at some point, but it's the the community feel the ethical way that the that the financial services are provided and the and the human, the human aspect of it. The human, every member is treated as a human, every member matters, and they sort of feel that. I I sense that the members feel that, but that they're yeah, they're being encouraged to be the best they can be through being a member.

SPEAKER_01 15:03

Most definitely, and we're really trying to build prosperity. Yes, first class credit. I mean, we offer a traditional model here, so if our members borrow from us, they have to save as well. So that when they repay their loan, they get a pocket of money back. Um so the importance of saving is really important in the the current culture.

SPEAKER_00 15:29

Absolutely, because it's not one that people are always encouraged to do from a young age, partly because people can't often afford it. Um so it's really brilliant.

SPEAKER_01 15:39

And I guess on social media just now the trend is to spend, to buy material things, but but actually we're trying to say save a little.

SPEAKER_00 15:50

Get a buffer going, yeah.

SPEAKER_01 15:51

Yeah, definitely. In terms of credit unions and how we work with your organization, with the PRE, how can credit unions deepen our relationship with the PRE? What should we expect from you as our one of our regulators and how should we interact with you?

SPEAKER_00 16:11

Well, the first thing to say is we're really interested in every single credit union, no matter what their size. And we have every credit union has a direct way of interacting with us. There's a there's a dedicated inbox if you're one of the smaller ones, or you have a name supervisor. And you know, if you have any questions, if you want to get in touch, please do. We welcome interaction. So that's really important. We are there, we are listening, we host um events with trade bodies and with credit unions to try and understand what your issues are, what you might be expecting from us, you know, speak, tell us, because if you don't know, we might we don't know. Um we do kind of we are in listening mode. Um, but then kind of when we put out comms to say, for example, risk management is not the same as compliance, that's my latest sort of thing. Um, listen to it. We're saying that for a reason, engage with that. Why are they saying that? What do they mean with that? And it is for the benefit, and every credit union will need to interpret that differently in a way that kind of applies to them in their setting, but I really mean that, and so listen to what we're saying because we've looked at common issues and problems that are in the sector, we see the ones that don't make it, and why? So when we try and learn lessons for that and put it out to the whole sector, so it's a two-way conversation.

SPEAKER_01 17:33

Some credit unions might say we have too much regulation, but I think what you're saying is the reason you're asking credit unions to listen is because you've seen across the board mistakes that have happened, and actually you're seeing it for our benefit. Exactly.

SPEAKER_00 17:53

Exactly. You don't want to have like a parental relationship because but it sounds a bit like that, but it yes, there are things we can't say, right? Because we cannot divulge things that have happened to individual credit unions. But when they start happening on more than one occasion, maybe there are some themes and lessons that other credit unions can benefit from, and that's what we are trying to kind of convey. And if there is too much regulation, if there are things which you know, red tape which is unhelpful and you can't see a reason for it, you know, please do say we are, especially at the moment, we're going to be in listening mode. Both the FCA and us, we're going to be in listening mode. Set speak up, tell us, you know, and I'm not saying we will do something about it, but uh we'll we'll certainly listen. But you'll listen. Yeah.

SPEAKER_01 18:37

Going back to one of your points about you making a personal mistake and how you were treated when that happened, is that something credit unions could learn from? Because I guess I guess at times we we feel there's perhaps fear of making a mistake. Not not for our own credit union, but I in the sector, sometimes we can sense that mistakes are okay, but it's about it's about putting your hand up and asking for help.

SPEAKER_00 19:06

Absolutely. I mean it must always be the case because mistakes are always going to as long as there's people involved in things, or even to be honest, AI involved in things, yes, mistakes are going to happen, and the only way we can learn from them and deal with them and mitigate them is to be honest and open about them. And you you'll find the issue is always in the cover-up, isn't it? It's not in the mistake itself. So just be open if it's in dealing with us or within your own credit union. I would definitely want you to encourage a culture of openness, transparency, non-blame, because everybody's a human, everybody has the capacity to make a mistake, and to be treated with kindness in that moment and to just roll up your sleeves and deal with it. It's got to be the best way. It's the way forward. I think it must be. And we as the regulator would also want you to be open with us about any mistakes so we can work with you to help fix that.

SPEAKER_01 20:04

In terms of credit union culture, it's an important part of what we do and how we reach out to our colleagues and our members. Money Made Human is about kind of stating that credit unions are a compassionate society. In terms of the PRE and how you regulate our businesses, you can't regulate culture, but it's an important part of how we thrive as a business. How do you embrace that? So, how how can you influence culture if you can't regulate it, if that makes sense?

SPEAKER_00 20:44

Yes, it does make sense, and you're right, it's sort of it's absolutely critical. And it's the kind of thing we were just talking about there, a non-blame culture. I think the only thing we can do is prioritize what matters and kind of by prioritizing governance, by prioritizing risk management and saying these are our expectations, we would hope that boards would relate and respond by putting in place kind of actions and priorities within their credit union which might end up with the culture. So if you if you say governance is really important, then you you end up with strong boards who we hope would kind of embrace an open culture, for example. So I think it's about the actions and it's about the priorities that we set and the conversations that we have with credit unions setting the tone, and then credit unions need to own that and put it into context in their own kind of environment. And bring that to life. And bring that to life in a way that that's relevant for them.

SPEAKER_01 21:45

What what keeps you up at night in terms of credit unions and and the regulation around that? Is there any is there any issues that really have you thinking throughout the day and night?

SPEAKER_00 21:59

So um Credit unions run risks all the time. That doesn't keep me awake. Um but what what kind of I think about most probably is the coming together of lots of risks all at the same time. It's about the the thing that really probably I think about most is the operational risk and resilience piece because you're facing credit unions are facing the same kind of external environment as all the big banks, and you've got to kind of equip yourselves probably with fewer resources than some of the big banks would have. And now I think credit unions are doing a brilliant job at keeping pace and doing that really well. But credit unions do need to in the main get um up with the program with digital offerings in a way that's relevant for there, but that brings risks and so that if you say what's the single biggest risk, it's probably that. I want credit unions to become relevant to the next generation and to grow and thrive, and so that that's something that is on my mind is you know, what's the sector going to look like in 25-30 years' time? Is it gonna be there? How how are credit unions evolving themselves to be relevant? Um, but the operational risk and resilience pieces is just so important. And that would include things like cyber risk and prevention. Exactly, that's exactly what I'm talking about. Yeah.

SPEAKER_01 23:26

What about your hopes for the future for credit unions? What would good look like for you in the short term and long term?

SPEAKER_00 23:34

It's steady, sustainable growth, kind of in every way. So I I don't have views on the size of credit unions. I do want the sector to grow and to penetrate more everywhere. It's obviously there are better penetration rates in Northern Ireland, Scotland, probably, than in England and and possibly in Wales. But I want it to grow everywhere, and I want the next generation to see the benefits of credit unions, and especially as we're going through difficult financial times, and there may be difficult times ahead, who knows? But credit unions can can really be there as a bedrock to build prosperity, as you said. So I I would love to see it growing in a slow, steady, sustainable way.

SPEAKER_01 24:18

We have uh a credit union that we work with in America, um, and they they're a billion-dollar business, Georgia's own, out of Atlanta, and we talk to them about issues and share you know strategies and bits and pieces. But in the US we see much bigger penetration rates. Almost almost every family has a credit union account along with their main current account and their mortgage. It just is part of their regular financial portfolio. How do we bring that to the UK? How does how does having a credit union account get into the hearts and minds of families across the country? How do we do that?

SPEAKER_00 25:05

I mean, I wish I knew the answer to that. I think that's a brilliant question. And I think I heard you you did a podcast with the ILCE recently, and sort of it feels like in Northern Ireland or in Ireland in general, that that is much more of a thing, isn't it? I'm sure there's a lot we could learn from our brothers and sisters over there. I think yeah, I I I'm not a marketing kind of executive, but I think as soon as people do it and have joined, I'm sure they feel the benefits, and that then is in their family. It's kind of spreading the word and making people more aware of the benefits, and and as people do build that savings pot, gain that prosperity, you'd like to think word would kind of travel. Spread. Yes, but sort of it's how we make that in-rose in the first place. I don't know, but I'm with you. I'm with your sister. I want more as well. Yes.

SPEAKER_01 25:52

If we want more, yes. What about um if credit unions need help? If there was a credit union listening to this and they were worried about something and they needed help, if they reached out to the PRE, what could they expect in terms of a response?

SPEAKER_00 26:11

Well, we were absolutely there for them. And obviously, it depends what their issue and problem is, but they've there's a dedicated inbox they can send an email, and it is monitored every single working day by one of my team, one of my colleagues, and we will we will be in touch. And I can't promise that we will have the magic bullet or the solution, but they're they're very welcome to reach out. We want to hear from them, and we will kind of do our very best to respond. Um, I can't promise to change the regulations for them or or make the world a better place, but we certainly are there to kind of engage, and it may be that we've got experience of relevant issues in other credit unions that we can share, or we can point them in a in the right direction. And of course, there are trade bodies there, but not every credit union is the member of a trade body. But if they are, trade bodies are excellent at helping to solve problems. But um we we want to hear from credit unions, yeah.

SPEAKER_01 27:03

And for members listening, what would the PRE's message be to members that we're supervised, that we're regulated, that your expectations are high in terms of the city?

SPEAKER_00 27:16

I mean our goal is as the PRA is to make sure that the financial system is resilient by making firms kind of safe and members and consumers are kind of protected. Our role is to make sure that you as a member are protected and we hold your credit union to account to make sure that decisions they're taking are in your best interest. So we we are there to prudentially keep your money safe, make sure your credit union keeps your money safe.

SPEAKER_01 27:43

So here for you. That's a good message for our members to know that. Yeah, it is, isn't it? Yeah, yeah, no, definitely. What about looking to the future? Given that you've been with the Bank of England for I don't know what to say a long time, nearly 30 years. 30 years. What's your hopes for yourself within that? Are there are there things you still want to learn and do? Um, and how do you see that over the coming months and years whilst you're working with credit union?

SPEAKER_00 28:14

Well, the credit union job was was the one I wanted for a really long time, yeah, and it was kind of occupied. That seat was occupied for a really long time, and finally I was allowed to have a go. So I'm not going anywhere. Um there are lots of jobs in the bank, and I won't be allowed to do it forever because it's right that people move on and you don't because if I've got a blind spot, you might want someone in a few years to come in and um you know look at look at things. But whilst I'm in the hot seat, this is the best job I've ever done. I really love it. Um, obviously, I've so much to learn. I have colleagues who have been working with the sector for many, many years, and and I've so much to learn about credit unions, but I will be here to influence policy, to influence um supervision and regulation as much as I can to help credit unions be the best that they can be. And that's that's my goal is to kind of be someone who understands cred the sector and understands at a bigger picture level what is needed to help kind of roll the path for credit unions to have a smooth journey. But not it's not to make credit unions' lives easy necessarily, no, it's to support and work with as a kind of critical friend.

SPEAKER_01 29:23

Yes. And why why do you say it's the best job you've ever had?

SPEAKER_00 29:27

Because I love the sector, I love the people, I really believe in the sector. I really the people that I've met have just inspired me more than, to be honest, any other job I've had. And I have regulated mutuals, and I love mutuals, and I've regulated building societies for many years, and those people have inspired me, but there's something different about the credit union sector, and I know that you'll know what I mean. Um, the people who you meet are just the kindest people who really want to serve their community of whatever the common bond is that they've got, and they're really exceptionally hard-working, dedicated, kind, compassionate people who make a massive difference, and I I'm touched and inspired every day that I'm coming to work, and I absolutely love it.

SPEAKER_01 30:10

You you're a perfect candidate for money made human indeed that exits from you. What about yourself personally outside of your role? What what's your goals? Do you have any bucket list items?

SPEAKER_00 30:25

I love travel. You do so I would have I have done quite a lot of travel. I take my girls travelling whenever I can. So my bucket list items are probably travel related, for example. I'd love to go to Norway. I've never been to Norway and maybe explore on foot or in a kayak. And um, I've tried to take my girls to see the uh northern lights when we failed in Iceland a few years ago, so I'd love them to show them the northern lights or experience the northern lights with them, maybe. Um, so yes, it would be travel-related, probably bucket list items.

SPEAKER_01 30:57

Nice. And uh this is a difficult question. This is a question that everyone kind of is challenged by. Who who is proud of you and what would they say about you?

SPEAKER_00 31:09

I think I'm I'd have to say my parents, and as I already sort of said, my dad only died um last late last year, and my mum is um very unwell with dementia, but I know that they are proud of me, and they told me to work hard and do my best, and that's what I have done. So I think that was what really mattered most to them, and the fact that I'm happy, you know, I'm happy married, I've got children, um, got a job that I love, they would be really proud of all of that. And their their values remain with you? Yeah, that legacy continues. It it does, and I've tried to instill those into my own children as well. No perfect.

SPEAKER_01 31:50

Now we've got some questions from the team, if that's okay. Of course. What um what number would you like, Helen? Um number two. Number two, let's see. This is a good this is a great question to start with. What's something people would be surprised to learn about you?

SPEAKER_00 32:13

Oh, that's a good question. Um that I'm on the general synod of the Church of England. Oh, you are? Okay. And the reason I'm getting the train home today is there's an important vote about our um a bishop, which I'm having to vote on, so I can't fly because there's a meeting and I need to be able to be online, so I'm getting the train.

SPEAKER_01 32:35

And for for anyone listening that doesn't know what that is, is that uh like a the council for that's the that's the governing body of the Church of England, yeah.

SPEAKER_00 32:43

I've been on it for five years. I'm actually about to come off, but um, yeah.

SPEAKER_01 32:47

What can I ask in turn what does faith mean to you then?

SPEAKER_00 32:52

That's that's a very good question. Um, and it's been an important part of my life throughout my life, um, having gone to church as a child, but my parents were very clear that I needed to make that decision for myself. Sure. Um, but certainly what it has led me to is think about people as individuals and people and care about them and their stories. And circling back to the conversation we had before, but recognising every single person is really valuable and really matters.

SPEAKER_01 33:22

And human.

SPEAKER_00 33:24

And every are they all human, yeah. That's the most important thing.

SPEAKER_01 33:28

What what other question would you like? Um, is it out of five? We've got to five, yep. Uh five. Number five. I love this question too. What does the perfect fun day look like for you? I'm assuming that's outside of work.

SPEAKER_00 33:45

Yeah, not doing everything. Um it would probably involve a walk, possibly a hike, a pub lunch, maybe a swim in a lake. Nice. Very outdoors? Yes, I'm an outdoors economy.

SPEAKER_01 33:59

Oh, yeah, okay. Love that. Three questions left. I think we're just going to do them all today.

SPEAKER_00 34:05

Okay.

SPEAKER_01 34:06

Um, question one. Number one. What's the best piece of Khadid advice you've ever received?

SPEAKER_00 34:15

That is a very good question. Um, work hard and pursue what you enjoy. I think somebody very early on just said don't try and make a career and plan it all out, but just follow the jobs that you're enjoying and work hard in every single one, even if you're not enjoying it. Make the best of it, learn from it. Um, but don't try and structure a plan, just move to the next job that seems interesting at the right time. Because, of course, within the bank, there's a number of different areas and a number of different jobs. So I've tried to follow that and just go with the next job that seems interesting.

SPEAKER_01 34:50

I meant to ask you earlier, you said you had gone in education through an economics route. Is there other education you want to look at now for yourself? Is there anything else you'd like to study or learn?

SPEAKER_00 35:05

There's a lot I'd love to learn. Um I don't know, I don't know if I want to study. I there's there is there is a lot of the world that I'm interested in, but right now I don't have the headspace for more study. But um, I would love to learn more about the history of the world. I would love to learn more about nutrition, and I'm kind of trying to do more exercise, and I'd love to learn about the science of the body. Um, so who knows? Maybe something uh later.

SPEAKER_01 35:34

Yes. Uh two questions left. We've got number three and four. Go with three. Number three. What's your biggest sources or source of mo motivation on hard days?

SPEAKER_00 35:49

A lot of it is for my children. If they listen to this, they will not be happy to hear me say that. But um uh well, certainly if we're talking about a weekend, it would be getting up, doing exercise, trying to stay healthy into old age. Um, I've seen my mum have dementia, and I'm trying to kind of act in a way to prolong or avoid that if I can. On work days, it's easy because I love my job. So um even on the hard days since my dad died, because I've had a job that I've enjoyed, it's not been difficult coming into work. It's the non-work days that are harder. So making myself do exercise then then springs you into the day then.

SPEAKER_01 36:32

And I think what you're saying in in your career, in your day job, you're inspired, you love that, the content of that, whether it's it whether it's difficult or not. You love getting involved in that?

SPEAKER_00 36:43

Exactly, because nothing is um there are no easy answers, you know. There are lots of difficult questions, but the people I'm interacting with, my team, the sector more generally, the bank more generally, everyone is you know really easy to engage with. I find them inspirational, I learn from them, and yeah, and that's what gets me through the really dark days, yeah. Just yeah, credit unions are what are worth kind of working hard for, aren't they? Yeah, for sure.

SPEAKER_01 37:14

It's the people part of that that really makes the difference. Most definitely, yeah. Last question. I love this question. What are you listening to, watching, or reading right now? If you have any time left to do anything.

SPEAKER_00 37:32

Well, I'm trying to do some of all of those things. Um, I've recently joined a book club.

SPEAKER_01 37:39

So don't tell the girls in here because they'll recruit you, they've you know they're they're book club obsessed. Oh, really?

SPEAKER_00 37:45

Well, I I was never invited to join a book club, so I just decided to join my local one that was put out on Facebook, and I've met some really lovely local people.

SPEAKER_01 37:54

Oh nice.

SPEAKER_00 37:54

And the book that we read most recently was Bob Mortimer's Satsuma Complex, which was a bit of fun. Um, I love Bob Mortimer, and the way he wrote the book was very him, and I really enjoyed that book. He's hilarious, he's absolutely brilliant. He's an really intelligent man who's really fun and kind, and his book kind of exudes him. Um so I'm looking forward to reading more of his book. Nice.

SPEAKER_01 38:18

Yeah, and what about TV? Do you watch? Do you get to watch TV as well?

SPEAKER_00 38:22

Yeah, I watch some TV, yes, I do, and I've enjoyed been enjoying Slow Horses.

SPEAKER_01 38:26

Love that.

SPEAKER_00 38:27

Yes. I was put I don't really like horses, and I was put off by the title until somebody said, No, it's not about horses, it's about it's a spy programme. And I'm absolutely I'm absolutely loving. How good is Callie Aldman? Yes, it's just absolutely that must be such a fun role to play. I think he must have so much fun. Yeah, I'm really enjoying it. So we get time to do some of that.

SPEAKER_01 38:49

I guess I've got one final question for maybe two final questions. For credit unions, your immediate goals over the next year are to look at. I guess I think what you've said is kind of elevating us and expecting more. What can we expect to see coming down the line from the PRE over the next year or so? Are you allowed to say that?

SPEAKER_00 39:13

Well, I mean, it it it's it is quite hard to say, but we there was a Mutuals landscape report that was issued late last year, and in it there was a promise and a commitment to look at credit union regulation. So we are doing that, and we are going to be in listening mode initially, and what will come out of that will depend on what we hear. But you should expect to see something in that space. And we have been working with the sector, as you know, on risk management, because that's my kind of mini subject of the year is trying to kind of raise standards in risk management across the sector because I actually believe they do need to be raised. Um, so that's what we're trying to do.

SPEAKER_01 39:55

And and if we do that, it will be helpful?

SPEAKER_00 39:59

Yes, I mean we we don't say it because we feel that it's just something we want to hear. We we feel that credit unions themselves will benefit as they go down different routes. Maybe they don't, but even if you're just sticking to your traditional kind of model, understanding the risks you're taking and having someone independently look at the risks you're taking and step back and for the board to kind of take ownership of the risks that you're running in the bigger picture in the world that we're in is is a good thing, and and but credit unions themselves will benefit from it exactly.

SPEAKER_01 40:35

And what what would be your best piece of life advice? You know, if you could look back to your younger self, what would you what would you say to young Helen?

SPEAKER_00 40:46

Probably kind of trust yourself and kind of work hard and and trust yourself, trust your own instincts, um, because it'll it'll it'll be okay. And I know that sounds a bit trite, so for me it kind of has been okay. Um I'm probably privileged in in that way, but certainly people should trust their own instincts. I think the more you trust people, the better they kind of respond, and and often the the freer they feel if they're trusted, so that that's what I would say to me, knowing who I was.

SPEAKER_01 41:18

I think it's been really special to sit down with you today uh to bring a human face to the PRE, who we can be intimidated by just by the nature of the job. Of course, but you've come across as someone that's very human, and I hope that will be helpful for our members listening. That we have someone that cares at the the top of the credit union uh pyramid, but also in terms of just for credit unions getting to know you, it's really helpful to have heard you today and the humanness in your story. The last thing I want to say, I don't know if you know this, but part of Money Made Human, part of the reason we built it was through the loss or bereavement of uh parents.

SPEAKER_00 42:05

Oh, really? No, I didn't know that.

SPEAKER_01 42:07

It's very uh touching for you to mention your your dad, and we're sorry about that, but it's about the legacy of values that continue. And I imagine that he's immensely proud of you. So thank you for sharing your story with us. So thank you, Helen Ainsworth from the PRE. We're so glad to have had you on the podcast today. Thank you.

SPEAKER_00 42:30

Thank you, thank you so much, and can I just say uh it's so lovely that you've invited me, and I really want the PRA to be seen as a human kind of organisation. And one of the things that does inspire me is I know many people are volunteers or haven't interacted with kind of government bodies, and it can seem intimidating, and that's partly why I'm inspired that people are willing to roll up their sleeves and engage in conversation with us. We try and go to conferences, we try and be present, and the fact that people do come and say, We've got this, can we talk to you about that? I just love it, and I really want to be the person people can approach. I really, really want that. So please continue to do that.

SPEAKER_01 43:10

Thank you so much. I am sure they will. Thank you so much. Helen Aids were listening to the Money Made Human podcast. We're grateful to spend time with you and hope you enjoyed it. If you want to join a credit union, choose us with love. Until the next time, first class credit union.