SMF Capital
About SMF Unlocked SMF Unlocked is the podcast for anyone recruiting, holding, or thinking about taking on an FCA Senior Manager Function. Every episode unpacks a specific part of the Senior Managers and Certification Regime — what a designation like Chair, Chief Risk Officer, Compliance Oversight or MLRO actually requires, how the fit and proper test works in practice, and where boards and firms most often get SMF appointments wrong before it's too late to fix cheaply. This isn't a regulatory affairs show for compliance academics. It's a practical, direct look at SMF appointments from someone who runs these searches for a living — real patterns from real searches, the questions that actually separate a strong candidate from a risky one, and the mistakes that turn a straightforward appointment into a six-month Form A headache. About the host Adrian Lawrence FCA is a Fellow of the ICAEW and founder of SMF Capital, a UK recruitment practice specialising in FCA Senior Manager Function appointments — executive and non-executive. He founded FD Capital in 2018 and has since built out Exec Capital, NED Capital and Accountancy Capital alongside SMF Capital, working with boards, investors and regulated firms across the UK on senior and board-level appointments. He leads every SMF search personally, which is where most of what ends up in this podcast actually comes from. Who this is for Board members and non-executive directors navigating a Chair or committee chair appointment. Compliance and financial crime professionals building a case for their next SMF16 or SMF17 role. HR and governance teams trying to work out which designation actually applies to a role they're hiring for. And anyone who's been through an SMF appointment that went sideways and wants to understand why. New episodes regularly. Subscribe wherever you listen, and find detailed written guides to every SMF designation at smfcapital.co.uk.
Episodes
Welcome to SMF Unlocked, the podcast exploring senior management, regulatory accountability and recruitment across UK financial services.
In this episode, we’re focusing on SMF Capital: who we are, what we do, and how we help FCA and PRA-regulated firms recruit the senior people they need.
That is where specialist recruitment can make a difference.
SMF Capital was established to focus on Senior Manager Function appointments, bri...
Welcome to SMF Unlocked, the podcast from SMF Capital for anyone involved in FCA Senior Management Functions.
If you are a board member, senior executive, compliance professional, HR or governance specialist, investor, or someone considering taking on an SMF appointment, this podcast is designed to make the Senior Managers and Certification Regime easier to understand in practical terms.
The aim is straightforward.
Rather than simply ...
Welcome to SMF Unlocked, the podcast from SMF Capital.
Today we are looking at an issue that can become particularly important when recruiting senior people into regulated financial services: regulatory references and the FCA's six-year rule.
For an individual applying for an SMF, taking on a certification function or moving into another regulated senior position, references are not simply a standard HR formality.
The regulatory refer...
Welcome to SMF Unlocked, the podcast from SMF Capital.
Today we are looking at one of the most important aspects of being an FCA Senior Management Function holder: the Conduct Rules.
For an SMF, regulatory responsibility is not simply about having a particular job title or being approved by the FCA.
Senior managers are subject to specific standards of behaviour and have personal accountability for the areas of the business for which t...
Welcome to the SMF Capital podcast.
When should you build your Senior Management Function team?
For a new regulated business, it can be tempting to concentrate first on the business plan, technology, product and commercial team, and leave the senior regulatory structure until later.
But the people responsible for the firm's key functions are not simply an organisational detail to be added at the end.
The FCA expects individuals perform...
Welcome to the SMF Capital podcast.
Today we're looking at a transition that can significantly change the senior management structure of a regulated business: moving from Core to Enhanced SM&CR status.
For a growing financial services firm, reaching the point where enhanced requirements apply is an important stage of development. It can mean additional Senior Management Functions, more formal allocation of responsibilities and a ...
Welcome to the SMF Capital podcast.
Today we're looking at an important governance question for regulated firms:
Is your Responsibilities Map actually fit for purpose?
For an Enhanced firm, the Responsibilities Map is not simply a document prepared for the regulator and then filed away.
It should provide a clear picture of how the firm is managed, how responsibilities are allocated between senior managers, and where accountability sits...
Welcome to the SMF Capital podcast.
Today we are looking at SMF19 – the Head of Third Country Branch function and the particular responsibilities involved when an overseas financial services firm operates through a branch in the United Kingdom.
For an international firm, establishing a UK branch is not simply a question of bringing an overseas business model into a new market. The UK branch operates within a UK regulatory frame...
Welcome to the SMF Capital podcast.
Today we are looking at two important Senior Management Functions within the UK's Senior Managers and Certification Regime: SMF16, Compliance Oversight, and SMF17, the Money Laundering Reporting Officer, or MLRO.
These roles sit at the heart of a firm's regulatory framework. They involve responsibility for compliance, financial crime controls and escalation of significant regulatory concerns.
They c...
Today we're looking at SMF24, the Chief Operations Function — a Senior Management Function that has become increasingly important as operational resilience, technology risk and third-party dependency have moved much closer to the centre of regulatory supervision.
The modern Chief Operating Officer in a regulated business is no longer simply responsible for making sure the organisation runs smoothly.
The role can involve respons...
Today we're looking at an important change to the Senior Managers and Certification Regime that came into force on 24 April 2026: the revised 12-week rule for providing temporary cover when an SMF holder is absent or unexpectedly leaves a regulated firm.
The change gives firms greater flexibility when an important senior management position suddenly becomes vacant.
But the 12-week rule is not a substitute for proper succession planni...
Today we're looking at a growing question for regulated businesses: does an important Senior Management Function always need to be a full-time executive appointment?
For some firms, the answer may be yes.
For others, particularly smaller regulated businesses or firms going through a period of transition, a fractional SMF can provide access to experienced senior leadership without creating a full-time permanent position.
In this episod...
Welcome to the SMF Capital Podcast.
Today we're looking at SMF2 — the Chief Finance function and why appointing a CFO to a regulated financial services business can involve considerably more than finding someone with a strong conventional finance background.
For an ordinary commercial company, you might think of the CFO primarily as the person responsible for financial reporting, budgeting, forecasting, cash management and fina...
Welcome to the SMF Capital Podcast.
Today we're looking at SMF4 — the Chief Risk function and why the Chief Risk Officer can play such an important role in the governance of a regulated financial services business.
Risk management matters to every business, but in a regulated firm the board needs to understand its principal risks, how those risks are changing and whether the controls designed to manage them are working effectiv...
Today we're looking at SMF9 — the Chair function and what being the chair of a regulated financial services business actually involves under the Senior Managers and Certification Regime, or SMCR.
For many businesses, appointing a chair can initially appear straightforward.
Find an experienced board director, give them the chair's position and let them lead the board.
But within a regulated financial services firm, the role can i...
There's another important part of the authorisation process that shouldn't be overlooked: the Fit and Proper Test.
Identifying somebody for an SMF position is only part of the process.
The regulator also needs to consider whether the individual is fit and proper to perform the role.
So what does that actually mean?
At a practical level, the assessment considers whether the individual has the appropriate honesty, integrity and reputatio...
Let's take a closer look at one of the most important senior management functions: SMF1, the Chief Executive function.
For many businesses seeking FCA authorisation, the CEO is going to be central to the proposed governance structure.
But becoming the CEO of a regulated business is different from simply becoming the CEO of an ordinary commercial company.
An SMF1 holder has a specific senior management responsibility within the regulat...
Welcome to the SMF Capital Podcast.
Today we're looking at an issue that can make a significant difference to the FCA authorisation process: when and how you build your Senior Management Function team.
If you're a fintech, payments business, cryptoasset firm or another business preparing for FCA authorisation, it's tempting to concentrate first on the business plan, technology, commercial proposition and customer proposition — ...
Welcome to today’s episode, where we’re looking at an important subject for anyone dealing with investments, financial planning or regulated financial services: what does FCA regulation actually mean, and why does it matter?
The financial services industry uses a lot of terminology — FCA authorised, FCA regulated, appointed representative, financial adviser, investment advice and financial promotion.
But what do the...
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