SMF Capital is speaking to senior business and function heads for SMF18 appointments at London regulated firms. We're keen to hear from people who hold or have held SMF18, and from divisional leaders whose next role will bring their first Senior Manager approval.
London / hybrid
Permanent
SMF18 Other Overall Responsibility
Wealth, asset management and banking
The Opportunity
SMF18, the Other Overall Responsibility function, covers senior individuals who have overall responsibility for a business area, activity or management function that isn't already covered by another Senior Manager Function. In practice, holders include heads of distribution, client service, people, property, sales and other major divisions who report to the executive committee.
It's often the least understood designation, which is why firms value candidates who already know how to scope an SMF18 Statement of Responsibilities and work within it. We work with London wealth managers, asset managers, banks and insurers appointing SMF18 holders, and discuss specific firms with candidates in confidence before any introduction.
What the Role Involves
Holding overall responsibility for a defined business area or function and carrying personal accountability for it under the Senior Managers and Certification Regime.
Agreeing a clear Statement of Responsibilities with the firm, and making sure it doesn't overlap or leave gaps with other Senior Managers.
Leading the business area to good customer outcomes under the Consumer Duty, with the management information to evidence them.
Sitting on or reporting to the executive committee, and taking reasonable steps to prevent breaches in your area.
Supporting the certification of staff in your area and embedding the Conduct Rules.
Who We Are Looking For
Current or previous SMF18 (or equivalent) approval, or a divisional head role at a regulated firm with a clear case for approval.
Senior leadership of a sales, distribution, client, people or operational function in wealth management, asset management, banking or insurance.
An understanding of how responsibilities are allocated across a Senior Manager team, and how to evidence reasonable steps.
Strong commercial judgement combined with a practical approach to governance and regulatory accountability.
Not sure whether your current role should carry SMF18? Our guide to which SMFs apply at each firm tier sets out how the designations fit together.
Pay, Terms and Approval
Packages are competitive and benchmarked against the London market, usually with variable remuneration. For current benchmarks, see the SMF salary guide.
The successful candidate will need FCA approval before taking up the function. We manage the process alongside the firm, including regulatory references and the Statement of Responsibilities.