Seonaid Mackenzie has spent more than two decades reshaping the role of compliance in financial services. As the founder of Sturgeon Ventures and pioneer of Regulatory Incubation in the UK, she positioned compliance not as a barrier but as a catalyst for growth. Her philosophy of governance, integrity, and a hands-on approach has built a model where compliance supports innovation, rather than limiting it.
Seonaid Mackenzie | Founder and Managing Partner | Sturgeon Ventures LLP
Through Sturgeon Compliance Services, she continues to guide firms across venture capital, private equity, corporate finance, and wholesale broking, ensuring that regulation empowers business. A mentor, advocate for women in finance, and forward-looking leader, Seonaid is redefining how compliance can drive sustainable progress in a rapidly evolving industry. At EliteX, we are proud to have Seonaid Mackenzie as part of the edition: Impactful Compliance Leaders to Watch, 2025.
When Seonaid Mackenzie founded Sturgeon Ventures and pioneered the model of Regulatory Incubation in the UK, she was not simply creating a new framework for financial services firms – she was rewriting the role compliance could play in enabling innovation. More than two decades later, she continues to champion governance, integrity, and a “can-do” approach that positions compliance not as a barrier, but as an essential driver of sustainable business.
“If you want a job that is never the same day in and day out, compliance is actually exciting.”
Seonaid (pronounced Shona) began her career as a US institutional stockbroker, later managing a family office when she identified a gap in the market, pioneering the concept of Regulatory Incubation. This ground-breaking innovation allows financial firms in the wholesale sector to operate as FCA Appointed Representatives (ARs) under the regulatory umbrella of a Principal host while building their own businesses in a controlled and compliant environment, where originally the AR model existed only for businesses focused on retail clients.
She is also the Founder of Sturgeon Compliance Services, an external compliance advisor, supporting companies who operate in the wholesale financial services market focused on Venture Capital, Private Equity, Corporate Finance and wholesale broking. The company draws on the deep sector expertise of the team who each have more than 25 years’ experience in the industry – with no juniors in the compliance team all the clients deal with experienced seasoned advisors. “In compliance the teams continue to learn and we have weekly open discussion where everyone participates,” she says.
This expertise is invaluable as technology and regulation are constantly evolving. “We now cover knowledge of structuring open and closed ended funds and structuring with various vehicles and jurisdiction and have become a trusted advisor,” she says. “We continue to look for regulatory gaps and focus on being a ‘can-do’ advisory firm, not a compliance blocker.”
An emphasis on value, she adds, is part of what differentiates Sturgeon’s compliance strategy from the industry norm. “We work with providing regulatory solutions and now various regtech options to make the role seamless and not a burden to firms, but an enhancement in good institutional business,” she says.
“It is very important to us to work with good people on both sides. It is important that we feel listened to and that our input is valuable. We believe that to have long established relationships integrity is a key feature at all times. Being true to one’s gut feelings is very important in compliance so that, whilst putting together monitoring programmes in line with FCA Rules and Guidance, the 12 Principles are adhered to at every turn.”
Her philosophy was tested in recent years when Sturgeon Ventures underwent a regulatory review following the collapse of Greensill, an Appointed Representative of Mirabella, another regulatory hosting firm. Sturgeon was able to demonstrate its governance-first approach, even under pandemic constraints. “Governance and integrity are at the very heart of our monitoring, with a hands-on approach which we managed even in the middle of Covid-19,” she says, underscoring the resilience of her compliance model.
“We continue to look for regulatory gaps and focus on being a ‘can-do’ advisory firm, not a compliance blocker.”
Compliance as a business enabler
Seonaid’s viewpoint is that compliance should be embedded in strategy, not seen as an afterthought. Her team works directly with the senior management in all Sturgeon’s ventures, ensuring reports are signed off at the highest level. “In this way we are interactive in their business development, so hands-on before a problem might arise or offering ideas as they develop,” she explains.
Sturgeon has long relied on advanced compliance monitoring systems, using an Irish platform for over a decade, while continuously exploring emerging regtech solutions. Seonaid is particularly interested in the potential applications of AI for compliance processes, seeing opportunities for technology to streamline monitoring without diluting integrity.
For cross-border challenges, her team combines collaboration with local counsel and proactive engagement with regulators. Her role on the Alternative Investment Management Association (AIMA) ESG working party also keeps her at the forefront of policy changes that increasingly shape the industry.
Supporting women in finance
As one of the most influential women in her sector, Seonaid is a passionate advocate for women in finance and has mentored numerous women entering the industry, many without traditional financial services backgrounds. Every Sturgeon team member trains monthly with the Chartered Institute of Securities and Investments (CISI), where Sturgeon is also a corporate sponsor. Several are already chartered, with fellows in the making. She was also one of the first signatories of the Women in Finance Charter, established by HM Treasury in 2016.
Long before Covid-19 normalised remote work, Seonaid offered hybrid and home-based working arrangements for her team. “The team feels valued as a work-life balance is so important, particularly for single parents,” she notes. For her, flexibility is not just a perk, but part of building a culture of trust and loyalty. “This is not an industry for shy people,” she adds. “It is good to have an opinion and curiosity—it’s so important to keep digging.”
Preparing for the future
Looking ahead, Seonaid is attuned to both regulatory and political shifts. With 2025 already marked by uncertainty in political landscapes, she highlights upcoming consultations on the Senior Managers and Certification Regime (SMCR) and client classification as particularly significant. Such reforms, she believes, will support the UK’s ambition to foster growth, especially in the SME sector.
Cybersecurity is another area of increasing importance. While Sturgeon mainly works with smaller firms, she emphasises that training and awareness around cyber risk is critical, and her team ensures these issues are prioritised across clients. Although based in London, Seonaid believes the future of compliance leadership will be shaped in the UK’s northern cities. “London is saturated and there is so much growth of SMEs and new Fintech companies in Manchester, Liverpool, and Leeds,” she says. Her ambition is to mentor, educate, and support the next generation of firms in these regions, extending the reach of regulatory incubation to the country’s rising innovation hubs.
“Compliance is at the heart of every financial services firm. It is really the beating heart alongside business development, and the two should walk hand in hand.”
As a mentor, she sees it as her responsibility to inspire future compliance professionals. Her advice is simple: approach compliance with energy and curiosity, and you will never find it dull. “If you want a job that is never the same day in and day out, compliance is actually exciting,” she says. Many who attend her training sessions, she adds, leave with a newfound appreciation for the vibrancy of the role. “It is very important to us to work with good people on both sides. Integrity is a key feature at all times and being true to one’s gut feelings is very important in compliance.
She is keen to dispel outdated stereotypes of compliance as a bureaucratic, back-office role. “Compliance is at the heart of every financial services firm,” she stressed. “It is really the beating heart alongside business development, and the two should walk hand in hand.”
