SM&CR Guidance on SMF Appointments

Introduction

The SMCR is the regulatory regime operated by the FCA and PRA to ensure that certain senior and key functions at regulated firms are carried out only by those approved or certified to perform those functions.

In particular, the SMCR governs what senior management functions an authorised person must have; who is permitted to perform senior management functions; what responsibilities senior managers should have and when and how such a person should be appointed. The FCA also imposes conduct and fitness standards to which individuals subject to the SMCR must adhere, as well as rules around how firms should implement and oversee SMCR compliance.

Failure to comply can result in disciplinary or intervention action by the regulator against firms or even individuals as well as a refusal to approve proposed appointments. This bitesize webinar will provide practical tips on key issues at each stage of the process, from identifying whether and how the SMCR applies, to determining what applications should be made to the regulator, to managing the application process.

What You Will Learn

This short webinar will cover the following:

• Overview of the purpose and function of the SMCR
• How SMCR applies to different types of authorised person and how to assess which category individual firms fall into
• How to determine what senior management functions are required
• How to determine what senior management functions arise in relation to an individual firm
• How to assess what responsibilities should be allocated to a senior manager
• When and how to apply to the FCA for approval
• Key milestones and issues in the application process

This pre-recorded webinar will be available to view from Monday 14th December 2026

Alternatively, you can gain access to this webinar and 2,400+ others via the MBL Webinar Subscription. Please email webinarsubscription@mblseminars.com for more details.