Jurisdiction(s):
United Kingdom

SM&CR: Checklist for firms and candidates when SMF approvals go wrong—interviews, ‘minded to refuse’, refusals and next steps (FCA/PRA, UK)

Published by a LexisNexis Financial Services expert

Checklists

SM&CR Checklist—SMF approvals: what to do when things go wrong

The Senior Managers & Certification Regime (SM&CR) obliges authorised firms to seek approval from the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) before appointing an individual to carry out a senior manager function (SMF). As part of that process, the regulator may invite the candidate to interview. Interviews are discretionary rather than a standard step in the SMF approval pathway.

This Checklist supports SMF candidates and their firms (which submit the SMF application on the candidate’s behalf) in spotting, managing and responding to issues that arise during an SMF interview or after it, including receipt of a ‘minded to refuse’ letter or a decision by the regulator(s) to refuse the application.

This Checklist should be read in conjunction with: SM&CR Checklist—preparing for SMF interviews and Practice Note: SM&CR—SMF interviews for regulatory approval.

What is meant by ‘things going wrong’?

Problems may emerge at several points during the interview process...

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Billy Bradley

CMS

Billy has significant contentious regulatory experience and advises financial services firms and senior individuals on governance, individual accountability and regulatory risk, with a particular focus on the Senior Managers & Certification Regime (SMCR). He regularly advises on Conduct Rule breaches, fitness and propriety assessments, regulatory references and non-routine individual approval applications. Billy frequently engages with the FCA and PRA on behalf of clients, including responding to detailed regulatory information requests and preparing senior individuals for SMF interviews. Billy has extensive experience supporting firms in the design, implementation and operation of the SMCR, including accountability mapping, governance frameworks and the practical application of individual accountability requirements at senior management and board level. He also advises clients on FCA enforcement investigations, disciplinary proceedings, market abuse matters and whistleblowing investigations, as well as self-notification obligations arising from potential regulatory breaches. Billy supports clients in managing complex and...

Faye Ellis

CMS

Faye is an Associate in the Financial Services Regulatory team at CMS. She possesses broad experience related to both contentious and non-contentious matters, advising a wide range of solo-regulated market participants. During her career to date, she has completed secondments to one of the UK’s largest consumer banks, a global asset management firm and a major online payment platform. Each secondment has given her a unique insight into how the Senior Management and Certification Regime operates in practice, providing her with the ability to give strategic guidance on the application process and implementation throughout the SMCR journey....

Hannah Manning

CMS

Hannah is an Associate in the Financial Services Regulatory team at CMS, with expertise spanning both contentious and advisory aspects of financial services regulation. She delivers strategic advice to firms and individuals on a broad range of regulatory matters, including governance, conduct, and market abuse issues. Hannah has significant experience guiding clients through complex FCA and PRA interactions, from supervisory enquiries to enforcement investigations and proceedings before the Upper Tribunal. A core area of Hannah’s practice is the Senior Managers and Certification Regime. She advises on the practical implementation of the regime and supports clients throughout the Senior Management Functions (SMF) application process. Hannah assists with internal investigations and regulatory notifications involving Senior Managers, providing strategic guidance on accountability and individual conduct risk....

Web page updated on 20/05/2026

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