William was made an Honorary Fellow of the CISI in 2020 for his significant contribution to both the Institute and the financial services sector
by Lora Benson MCIPR, CISI head of media
William has been a member of the CISI since 1993, juggling several voluntary roles, including chair of the Operations Qualifications Assessment Board, member of the Examination Board, an exam panel member for our UK Financial Regulation and UK Regulation & Professional Integrity qualifications, a former Compliance Professional Forum Committee member, and member of four other professional forums: Corporate Finance, International Regulation, Risk, and Wealth Management.
He was also the CISI Scotland president from 2005 to 2010, and served as a director of the Securities Institute – now known as the CISI – from 2002 for six years.
Career path
His career in finance began “straight from school” in 1969 as a banking officer with Bank of Scotland before moving in 1977 to the British Linen Bank, which had roots in the Scottish linen industry,
going back to the 1740s. The British Linen Bank merged with the Bank of Scotland in 1970, the year that William began studying for his Chartered Banker Diploma from what is now the Chartered Banker Institute. He achieved his diploma in 1973, winning the Bilsland Prize, which is awarded to the candidate with the highest overall score.
Over the next 20 years he worked in a wide range of roles, from banking officer to research and product marketing, managing property ventures, and investment banking. His professional development during this time included a Masters of Business Administration from the University of Strathclyde Business School, achieved in 1980.
In 1991, William became compliance and administration manager with the bank, holding that position for almost ten years. The Securities Institute was formed soon after William began his compliance position. He heard that the Institute was “looking for expressions of interest in a possible Compliance Forum”, which interested him because of the networking opportunities it presented. “I attended the first meeting of about eight members, at which I was elected the founding chair, despite not yet being a member.” William joined as a member the following year, and remained as chair of the Compliance Forum Committee until 2009.
Care for those in vulnerable circumstances cannot easily be automated using artificial intelligence In 2000, during a period of restructuring within Bank of Scotland Group, William left with the Corporate Finance team to become compliance director with British Linen Advisers. He was one of the founding directors, obtaining regulatory authorisation for the new corporate finance business.
William left British Linen Advisers in November 2001 to establish his own consultancy business, Craigcrook Management Services, advising and helping clients over the past 20 years. He says that his CISI membership has enabled him to heighten his profile, and to promote CISI qualifications through providing detailed information on exams to interested clients.
Challenges and concerns
CV William Macdonald FCSI(Hon)
2002–present: Managing director, Craigcrook Management Services, regulatory consultancy
2005–2010: CISI Scotland president
2002–2008: Director of the Securities Institute
2000–2001: Compliance director and company secretary, British Linen Advisers
1991–2000: Manager, compliance and administration, the British Linen Bank Ltd (subsidiary of the Bank of Scotland)
Early 1990s–2009: Founding chair of the CISI Compliance Forum Committee
1969–1991: Banking officer, assistant manager and manager, investment banking, British Linen Bank and Bank of Scotland
He says it is a challenge to get clients to understand that compliance can deliver added value for their business, when done properly using a risk-based approach: “One example is the Senior Managers and Certification Regime which, if fully integrated, will deliver better governance, one of the key elements in environmental, social and governance (ESG), which all firms will need to implement and report on over time.
“Another example is the treatment of vulnerable customers, which is an increasing area of interest by the FCA. Over their lifetime around 50% of the population can be vulnerable at some point. Given the complexity of the events which can cause vulnerability, this is not an area which can easily be automated using artificial intelligence. It will need people showing empathy and having the ability to find a solution for the customer so that they do not suffer detriment. This, in turn, will enhance the reputation of the firm and contribute to their ESG commitments.”
William is concerned about the impact of the pandemic on the financial stability of small to medium-sized firms, coupled with a Brexit deal that contains little for the financial services sector. The FCA has surveyed this sector and up to 4,000 firms, mostly SMEs, may have to cease trading due to the impact of the pandemic unless they can recapitalise. It is likely that this may lead to a round of mergers.
Career highlights and tips
Highlights until 1983 include “the creation and launch of funds which raised £4m, founder participation in the London International Financial Futures and Options Exchange, and development of financial futures products, all before compliance had been heard of”. He also cites his involvement in the founding and development of the CISI Compliance Forum as a highlight, and “the growth in the activities of the Scottish region whereby they were holding more than 20 CPD events every year during my presidency”.
For those looking to get ahead in financial services, he emphasises the importance of obtaining relevant qualifications, “preferably from the CISI”, and the importance of continuing professional development. “You cannot predict where your career may take you, therefore take on any challenges that come your way.”
This article was originally published in the June 2021 edition of The Review.
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