Few hiring decisions in UK financial services carry as much weight as a Senior Manager appointment. Under the Senior Managers and Certification Regime (SMCR), anyone performing a Senior Manager Function must be approved by the FCA, and for dual-regulated firms the PRA, before they can start. Once approved, they carry personal accountability for their area of the business. If something goes wrong there, the regulator can take action against them personally if they didn't take reasonable steps to prevent it.
The regime is also changing. The reforms introduced in April 2026 changed how firms cover an unexpected Senior Manager vacancy, and further changes to the Certification Regime are on the way. Firms, boards and individuals need to understand what those changes mean in practice. Most of the available material, though, is either the rulebook itself or a long legal briefing.
To help fill that gap, SMF Capital, a specialist recruiter for Senior Manager Function appointments, has launched a free podcast and a programme of online events. Both focus on the practical side of the regime: how appointments really work, why they're delayed, and what the regulator is looking for.
Why Senior Manager Appointments Are Different
A Senior Manager appointment is the one hire where the regulator has a view on the shortlist. Every candidate is assessed against the fit and proper test, which covers three areas:
- honesty, integrity and reputation
- competence and capability
- financial soundness
Firms must gather regulatory references covering the previous six years and carry out criminal records checks. The regulator can take up to three months to decide a complete application, and senior candidates often have notice periods of three to six months on top of that.
These timings catch many firms out. A common pattern is to find a strong candidate, make an offer and only then discover questions the regulator will ask that could have been spotted at the first interview. By then the candidate may have resigned from their previous role, and the firm faces a gap in one of its most important positions.
SMF Unlocked: The Podcast
SMF Unlocked is a podcast about the people who carry personal regulatory accountability in UK financial services. Each episode takes one part of the Senior Managers regime and explains what it means in practice. It might be a designation, a rule or a stage in the approval process.
Recent episodes cover:
- SMF1, the Chief Executive function: what it takes to be approved as a regulated CEO, and why a strong commercial record isn't enough on its own
- The fit and proper test: what the regulator is really asking, and how each part of the test is assessed in practice
- Building a senior team for FCA authorisation: why the people named on an application can make or break it
Upcoming episodes will work through the Chief Risk, Chair, Compliance Oversight, MLRO and Chief Operations functions. They'll also cover the 12-week rule after the April 2026 reforms, regulatory references, the Conduct Rules and recent FCA enforcement.
The show is hosted by Adrian Lawrence FCA, founder of SMF Capital. Adrian is a Chartered Accountant and Fellow of the ICAEW, and a former listed-company Finance Director. Episodes are short enough for a commute.
SMF Unlocked is free on all the major platforms:
- Apple Podcasts
- Spotify
- iHeartRadio
- Overcast
- Castro
- Castbox
- Podcast Addict
- Deezer
- Player FM
- Goodpods
- Podcast Index
- Rumble
You can also listen in your browser on the SMF Unlocked podcast website.
Free Online Events
Alongside the podcast, SMF Capital runs free online events for people who hold, hire or support Senior Manager Functions. There are three formats:
- SMF Briefings: 45-minute sessions on a single topic, such as the 2026 reforms or planning an appointment around the regulator's timetable, with live questions.
- Candidate clinics: sessions for professionals preparing for their first Senior Manager role. They cover the fit and proper test, regulatory references, regulator interviews and the questions to ask a firm before accepting personal accountability.
- Round tables: smaller discussions held under the Chatham House Rule, for people in similar roles such as independent chairs, MLROs and founders preparing for authorisation.
All events are currently online and free to attend. You can see upcoming dates and book a place on Eventbrite in your region:
In-person events are planned for London, Birmingham and Bristol.
Who Should Listen and Attend
The podcast and events are designed for anyone involved in Senior Manager appointments, including:
- board chairs, non-executive directors and committee chairs
- chief executives and executive Senior Managers
- compliance officers, MLROs and risk leaders
- HR, governance and company secretarial teams who manage approval applications
- founders of firms preparing for FCA authorisation
- senior professionals preparing for their first Senior Manager role
The content covers firms across the regulated market: investment and wealth managers, consumer credit lenders, insurers and intermediaries, banks and building societies, payment and fintech firms, and overseas firms with UK branches.
Find Out More
The podcast, events, press coverage and media contact details are all on the SMF Capital media centre. There's also a free library of guides on every Senior Manager Function, the fit and proper test and the Conduct Rules at smfcapital.co.uk.
Nothing in the podcast or events is legal advice. For advice on your own firm's position, speak to your compliance team or a regulatory lawyer.
