Senior Manager Functions Quiz: Test Your SMF Knowledge
Sixteen questions on the Senior Manager Functions under the SMCR: which SMF does what, which apply to which firms, and how responsibilities are documented. Reveal each answer as you go, with a short explanation and a link to the full guide.
How This Quiz Works
There are 16 questions on the Senior Manager Functions. Most are multiple choice. Read each question, choose your answer, then select Show answer to see the correct answer, a short explanation and a link to the full guide. Keep a note of your score and check it against the guide at the end.
The questions reflect the FCA rules as we understand them, including the 2026 changes to the Senior Managers and Certification Regime. They are a learning aid, not an official FCA test, and nothing here is legal advice.
Running a training session? Download this quiz as a Word document, with the questions first and the answers on a separate page.
This quiz is part of our SMCR quiz series:
Who They Are: The Designations
Start with the numbers. Each Senior Manager Function has a number and a defined scope.
Question 1
Which Senior Manager Function is Compliance Oversight?
- SMF4
- SMF16
- SMF17
- SMF24
Show answer
Answer: B, SMF16. SMF16 is the Compliance Oversight function. The holder is responsible for the firm’s compliance function and must be approved before taking up the role.
Read more: What is SMF16?
Question 2
Which Senior Manager Function is held by the Money Laundering Reporting Officer?
- SMF16
- SMF17
- SMF18
- SMF29
Show answer
Answer: B, SMF17. SMF17 is the Money Laundering Reporting function. In smaller firms it is often combined with SMF16 in one person.
Read more: The MLRO role explained
Question 3
What is SMF1?
- Chair
- Chief Executive function
- Chief Finance function
- Executive Director
Show answer
Answer: B, the Chief Executive function. SMF1 is the person with overall responsibility for carrying on the firm’s business under the board’s authority, usually the chief executive.
Read more: SMF designations: a complete guide
Question 4
Which function does a chief financial officer usually hold?
- SMF2
- SMF3
- SMF5
- SMF9
Show answer
Answer: A, SMF2. SMF2 is the Chief Finance function, responsible for the firm’s financial resources and reporting.
Read more: Chief financial officer recruitment (SMF2)
Question 5
What is SMF4?
- Chief Operations function
- Chief Risk function
- Head of Internal Audit
- Compliance Oversight
Show answer
Answer: B, the Chief Risk function. SMF4 is responsible for overseeing the firm’s risk management. It applies mainly to Enhanced and dual-regulated firms.
Read more: SMF designations: a complete guide
Question 6
What is SMF24?
- Chief Operations function
- Head of Third Country Branch
- Chief Risk function
- Senior Independent Director
Show answer
Answer: A, the Chief Operations function. SMF24 covers the firm’s internal operations and technology, including operational resilience in many firms.
Read more: SMF designations: a complete guide
Board and Committee Roles
Non-executive roles carry SMF designations too.
Question 7
Which function does the chair of the board hold?
- SMF9
- SMF10
- SMF13
- SMF14
Show answer
Answer: A, SMF9. SMF9 is the Chair. Committee chairs and the senior independent director have their own functions in larger firms.
Read more: Chair and committee chair recruitment
Question 8
Which function is held by the chair of the audit committee?
- SMF10
- SMF11
- SMF12
- SMF13
Show answer
Answer: B, SMF11. SMF10 is chair of the risk committee, SMF11 chair of the audit committee, SMF12 chair of the remuneration committee and SMF13 chair of the nomination committee.
Read more: Chair and committee chair recruitment
Question 9
What is SMF14?
- Chair of the nomination committee
- Senior Independent Director
- Executive Director
- Group Entity Senior Manager
Show answer
Answer: B, the Senior Independent Director. SMF14 applies where a firm designates a senior independent director, usually in Enhanced and larger dual-regulated firms.
Read more: Chair and committee chair recruitment
Tiers and Structure
Which functions apply depends on the type and size of firm.
Question 10
Which SMCR tier has the widest set of Senior Manager Functions and extra obligations?
- Limited Scope
- Core
- Enhanced
- All tiers are the same
Show answer
Answer: C, Enhanced. Enhanced firms have more Senior Manager Functions, must have a Management Responsibilities Map and handover procedures, and must make sure every business area has a responsible Senior Manager.
Read more: Which SMFs apply at which firm tier
Question 11
What is SMF29?
- Chief Operations function
- Limited Scope Function
- Head of Internal Audit
- Group Entity Senior Manager
Show answer
Answer: B, the Limited Scope Function. SMF29 applies to Limited Scope firms, typically held by the person who would otherwise be the main senior figure.
Read more: SMF29: the Limited Scope Function
Question 12
Which document sets out what each Senior Manager is responsible for?
- The Management Responsibilities Map
- The Statement of Responsibilities
- The Form A
- The Certification Register
Show answer
Answer: B, the Statement of Responsibilities. Every Senior Manager must have a Statement of Responsibilities. The Management Responsibilities Map, required of Enhanced firms, shows how responsibilities fit together across the firm.
Read more: Statement of Responsibilities template
Question 13
Which firms must produce a Management Responsibilities Map?
- All regulated firms
- Core and Enhanced firms
- Enhanced firms
- Limited Scope firms only
Show answer
Answer: C, Enhanced firms. The Responsibilities Map is an Enhanced firm requirement, though many Core firms keep a simpler version as good practice.
Read more: Responsibilities map template
Question 14
Do Limited Scope firms have to allocate Prescribed Responsibilities?
- Yes, all of them
- Yes, but only to SMF29
- No
- Only if they have more than 50 staff
Show answer
Answer: C, no. Prescribed Responsibilities apply to Core and Enhanced firms, with Enhanced firms having the longest list.
Read more: Prescribed Responsibilities explained
Question 15
Can one person hold SMF16 and SMF17 at the same firm?
- No, never
- Yes
- Only in Enhanced firms
- Only with PRA approval
Show answer
Answer: B, yes. Combining the two is common in smaller firms, provided the person has the experience and time for both.
Read more: Can one person hold more than one SMF?
Question 16
At a solo-regulated firm, who approves a Senior Manager?
- The PRA
- The FCA
- The firm’s board alone
- Companies House
Show answer
Answer: B, the FCA. At solo-regulated firms the FCA approves all Senior Managers. At dual-regulated firms, the PRA approves PRA-designated functions with the FCA’s consent, and the FCA approves FCA-designated functions such as SMF16 and SMF17.
Read more: Senior Manager Functions explained
How Did You Do?
Count your correct answers out of 16.
- 13 or more: You know the designations well. Try the fit and proper quiz next.
- 8 to 12: A solid grounding. Our designations guide fills any gaps.
- Fewer than 8: Start with our Senior Manager Functions explained guide, then try the quiz again.
More Quizzes in the Series
Each quiz in the series tests a different part of the regime. Work through them in any order.
From Quiz to Appointment
If the quiz has shown a gap in your own firm’s Senior Manager line-up, we can help fill it, on a permanent, interim or fractional basis.
Related Services and Guides
From knowledge to appointment. Every search is run by our specialist team, with Adrian Lawrence FCA overseeing each mandate
Fractional Cover
SMF16 and SMF17, part of the week.
→ Fractional compliance officer → Fractional MLROFractional and interim SMF cover →
Compliance Leaders
Permanent compliance and MLRO hires.
→ CCO and head of compliance → Combined SMF16/17Compliance officer (SMF16) →
Resources
Guides, templates and pay data.
→ Knowledge Centre → Free guides and templatesAll resources →
Candidates
For current and future Senior Managers.
→ Live SMF jobs → Register as a candidateCandidate resources →
Every search is run by our specialist team, with Adrian Lawrence FCA overseeing each mandate
Frequently Asked Questions
Is this an official FCA test?
No. It is a learning aid written by SMF Capital to help firms and candidates check their understanding of the regime.
How many Senior Manager Functions are there?
The FCA and PRA designate a range of functions, numbered up to SMF29, but not every number is in use for every type of firm. Which ones apply to you depends on your tier and whether you are dual-regulated.
Can I use this quiz for team training?
Yes. Many firms use quizzes like this in induction or annual SMCR refresher training.
About the Author
Adrian Lawrence FCA is the founder of SMF Capital. He is a Chartered Accountant and Fellow of the ICAEW, holds a practising certificate in his own name, and is a former listed-company Finance Director with a BSc from Queen Mary College, University of London. He founded FD Capital in 2018 and has since built a network of five specialist recruitment practices. He oversees every SMF Capital search. View Adrian’s ICAEW profile.
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