Propel Finance puts compliance at the heart of responsible growth

Finance Connect continues its series highlighting the winners of the Finance Connect Summer Awards 2026. Propel Finance was recognised with the Excellence in Compliance Award, sponsored by Shoosmiths, reflecting an approach that sees compliance not simply as a control function, but as an important enabler of innovation, responsible growth and strong customer outcomes.

For Jennifer Bodey, Compliance and Conduct Risk Director at Propel Finance, the award recognises the work of the Compliance team while also reflecting a commitment to strong standards across the wider organisation.

“This award is a fantastic recognition for our Compliance team, but equally it reflects the commitment of the wider Propel business to doing the right thing for our customers, partners and stakeholders every day,” she said.

“We’re particularly proud because compliance is not something that sits in isolation at Propel. Strong customer outcomes, good governance and responsible growth are embedded across the organisation, and this award recognises the collective effort that goes into maintaining those standards.”

The recognition has particular significance following a year in which finance providers have had to respond to considerable regulatory and operational pressures.

“It was especially pleasing to receive this recognition during a year that has presented significant regulatory and operational challenges,” Bodey added. “To see the team’s hard work acknowledged by the industry is something we’re incredibly proud of.”

A changing role for compliance

The regulatory environment has continued to evolve rapidly, with the FCA’s ongoing motor finance review, enhanced reporting requirements and Consumer Duty among the areas requiring significant attention from firms.

But Bodey believes the changes go beyond individual pieces of regulation. Expectations around what a modern compliance function contributes to a business are also changing.

“Compliance teams are increasingly expected to provide strategic support to the business rather than simply acting as a control function,” she explained.

“That means understanding commercial objectives, helping manage emerging risks and enabling innovation, while maintaining robust oversight and governance.

“The modern compliance function has to be both highly technical and highly collaborative, and that’s a balance we’ve worked hard to achieve at Propel.”

Enabling innovation with confidence

For Propel, effective compliance should not mean choosing between robust governance and commercial agility.

“Good governance and commercial success are not opposing forces; they should reinforce one another,” Bodey said.

Central to achieving that balance is ensuring compliance is involved early when new products, projects or initiatives are being developed.

“When compliance is involved at the outset of a project, we can help identify solutions rather than obstacles,” she said. “Our focus is on understanding the commercial objective and then finding a compliant, practical and proportionate way to achieve it.”

Bodey points to PropelPay, Propel’s embedded finance product launched in 2025, as an example of that approach in practice.

As the channel has developed, Compliance has worked alongside teams across the business to facilitate innovation and growth while ensuring the appropriate governance, customer protections and regulatory standards remain in place.

“That’s how we see compliance at its best – enabling the business to move forward with confidence,” she said.

Creating a culture of shared responsibility

While regulatory frameworks, policies and controls provide the structure for effective compliance, Bodey believes culture ultimately determines how successfully they work.

“Culture is absolutely fundamental,” she said. “Policies, frameworks and controls are important, but they are only truly effective when they’re supported by a culture where people understand their responsibilities and feel empowered to raise concerns and challenge appropriately.”

At Propel, that means ensuring responsibility for compliance extends beyond the Compliance team itself.

“We work hard to create an environment where everyone understands their role in delivering good customer outcomes and managing risk,” Bodey explained. “When that culture exists, compliance becomes part of everyday decision-making rather than a separate process.

“I believe this award reflects that culture just as much as it reflects the work of the Compliance team itself.”

Integration rather than addition

For other finance businesses looking to strengthen their compliance frameworks, Bodey’s advice is to resist the temptation to respond to every regulatory development simply by adding further layers of process.

“My advice would be to focus on integration rather than addition,” she said.

“It’s tempting to respond to regulatory change by introducing more policies, more committees or more controls. While these all have their place, the most effective compliance frameworks are those that are embedded into day-to-day business activity.”

Building strong relationships between compliance and other functions is therefore critical.

“Invest in relationships across the organisation, ensure compliance teams understand the commercial drivers of the business, and focus relentlessly on customer outcomes,” Bodey advised.

“If compliance becomes part of how decisions are made, rather than something that happens afterwards, you’ll create a stronger and more resilient framework.

“Most importantly, build a culture where people feel comfortable speaking up and challenging constructively. Strong compliance is ultimately driven by people, not processes.”

Celebrating industry achievement

Reflecting on the Finance Connect Summer Awards, Bodey said the event provided an opportunity not only to celebrate Propel’s recognition, but also the achievements being made across the wider finance industry.

“Naturally, we were delighted to receive the Excellence in Compliance Award, but it was also wonderful to spend time with industry peers and recognise the wider successes taking place across the sector.”

She added that the challenges experienced during the previous year made the recognition particularly rewarding.

“These events provide a valuable opportunity to step back from the day-to-day pressures and reflect on what teams have accomplished. Given the challenges of the past year, it made the recognition even more meaningful, and it was great to celebrate that success on behalf of everyone at Propel who contributed to it.”