SMF Recruitment for FCA-Regulated Firms

SMF Recruitment Services

Most firms come to us with one of six problems. Each has its own dedicated page setting out how we approach it, what it typically costs in time, and where the regulatory pressure points sit. If you’re not sure which applies, tell us about your hire and we’ll point you in the right direction.

Recruitment by Role

The Senior Manager Functions firms hire most often each have a dedicated page covering what the regulators expect, permanent, interim and fractional options, what we look for in candidates and how the approval process works. For every other function, see the complete SMF designations guide.

Every Senior Manager Function, Executive and Non-Executive

The Senior Managers and Certification Regime attaches named individuals to defined functions, each set out in SUP 10C of the FCA Handbook. We recruit across the full range, from the Chief Executive and Chair through to the control functions and the less familiar designations firms still have to get right. Our designation guides explain what the regulator expects from each role and what separates a candidate who will be approved from one who will struggle.

Not sure which designation a role should carry? Read SMF3 or SMF18? Getting the designation right before you recruit, or browse the complete SMF designations guide.

Why SMF Hiring Needs a Specialist

An SMF appointment is not a job title with a form attached at the end. The individual cannot start in the function until the regulator has approved them, and approval turns on whether they meet the fit and proper test: honesty, integrity and reputation; competence and capability; and financial soundness. Once approved, they carry personal accountability for the areas set out in their Statement of Responsibilities, and under the Duty of Responsibility the regulator can take action against them if a breach happens in their area and they did not take reasonable steps to prevent it.

That changes what a good search looks like. A generalist process finds a strong candidate, makes an offer and then hands the regulatory application to the compliance team. By that point the firm has committed to someone the FCA or PRA may question, often on points that could have been spotted in the first interview. We work the other way round. We test candidates against what the approval application will ask before anyone reaches a shortlist, and we request regulatory references early rather than after an offer is accepted. Our guide to what goes wrong in Form A submissions shows why that matters.

We also don’t treat “FCA-regulated experience” as one portable credential, because it isn’t. An MLRO from a retail bank is not automatically ready for a crypto-asset firm. A risk committee chair who has overseen an insurer’s solvency framework may not know a MIFIDPRU investment firm’s capital rules. A Chief Executive who ran a Core firm may not be ready for the prescribed responsibilities that come with Enhanced status. Every search we run is specified against the regulatory context the role actually carries, not a generic seniority bar.

How SMF Capital Works

Every mandate follows the same sequence, adjusted for the designation, the firm’s tier and whether the appointment is permanent, interim or fractional. A short call is enough to start; we don’t ask for a lengthy written brief before beginning.

1. Brief against the Responsibilities Map. We start from the Statement of Responsibilities the new SMF holder will sign and the Prescribed Responsibilities they will carry, then build the role specification around them. Our guide to the Responsibilities Map explains how the pieces fit together.
2. Targeted search, including passive candidates. Most strong SMF candidates are not job-hunting. We approach them directly and in confidence, without naming the client until the right point in the process.
3. Fit and proper pre-assessment. Before a shortlist is presented, we test each candidate against the areas the approval application will cover, including prior approvals, regulatory history, directorships and financial soundness.
4. Shortlist and interviews. You meet a small number of candidates who have already been tested for regulatory readiness as well as commercial fit. Adrian Lawrence FCA interviews every shortlisted candidate personally, and our guide to interviewing an SMF candidate sets out the questions that reveal readiness.
5. Regulatory references and application support. We help you gather regulatory references covering the previous six years and prepare the Statement of Responsibilities and supporting information the application needs.
6. Through approval to day one. We stay involved until the regulator has approved the individual and they are in the role, including managing notice periods around the approval timetable.

For a realistic view of how long each stage takes, read our guide to how long an SMF appointment actually takes.

Specialist SMF Recruitment by Sector

The designations are the same across the regime, but the candidate market for each sector is not. A compliance officer who excels at a wealth manager may struggle at an MGA, and a CRO from a bank may not know a MIFIDPRU firm’s capital rules. Each sector page sets out the functions that apply, where the regulator focuses and the roles we recruit.

A note on payments: most payment and e-money institutions are authorised under the Payment Services or Electronic Money Regulations rather than FSMA, so the Senior Managers regime applies only where the firm also holds FSMA permissions. The FCA still assesses their directors and managers closely, and the MLRO carries real weight. Our payments and fintech page explains the difference.

SMF Recruitment Across the UK

We work with regulated firms across the country, and run dedicated searches in our three main markets. Each location page covers the local candidate market, the firm types concentrated there and how hiring works in practice.

Regulated Hiring Is Different

For SMF Candidates

If you hold a Senior Manager Function, or you are ready for your first one, we want to hear from you. Many of the roles we fill are never advertised, and many of the strongest appointments go to candidates we already know. Registration is confidential, and we will never share your details with a firm without speaking to you first.

Every role we’re currently recruiting, from compliance officers and MLROs to chief operations, chief risk and board appointments, permanent, interim and fractional, is listed on our SMF jobs board. If nothing there fits right now, register as a candidate and we’ll contact you when a suitable role comes up. We’re particularly interested in experienced compliance officers and MLROs open to fractional or interim work, risk and audit committee chairs, and executives who have taken a firm through authorisation or a move to Enhanced status.

To check your own approval history before you apply, the FCA Financial Services Register shows the functions you are currently approved to perform. For a sense of the market, read what SMF roles actually pay in 2026.

Podcast, Events and Media

We share what we learn from SMF searches through our podcast, SMF Unlocked, available on Apple Podcasts, Spotify and other major platforms, and through free online briefings, round tables and candidate clinics. See upcoming dates on our events page, or visit the media centre for every podcast platform, press coverage and media enquiries.