About

About SMF Unlocked

SMF Unlocked is the podcast about the people who carry personal regulatory accountability in UK financial services. Each episode takes one part of the Senior Managers and Certification Regime, whether a designation, a rule or a stage in the approval process, and explains what it means in practice for firms, boards and the individuals who hold Senior Manager Functions.

The show is hosted by Adrian Lawrence FCA, founder of SMF Capital, the specialist recruitment practice for FCA Senior Manager Function appointments.

Why We Started the Podcast

The Senior Managers and Certification Regime changed how accountability works in regulated firms. A Senior Manager is not simply a senior employee. They must be approved by the regulator before they start, and they sign a Statement of Responsibilities setting out exactly what they answer for. Under the Duty of Responsibility, the regulator can take action against them personally if something goes wrong in their area and they didn't take reasonable steps to prevent it.

Most of what's written about the regime is either the rulebook itself or a law firm briefing. Both are useful, but neither tells a compliance officer, a board chair or a first-time Chief Executive what the regime actually feels like from the inside. What does the regulator really ask at interview? Why do strong candidates struggle with approval? How should a small payments firm cover its MLRO role, and what happens when a Senior Manager resigns with no successor in place?

Those are the questions we deal with every day running SMF searches, and they're the questions this podcast sets out to answer. SMF Unlocked is practical and specific, and it's made for people who have to apply the rules, not just read them.

What the Show Covers

Episodes fall into four strands. Each links to detailed written guides on the SMF Capital website, so you can go deeper after listening.

The Designations. There's one episode per Senior Manager Function, covering what the regulator expects, the experience that tends to get candidates approved, and the pitfalls firms fall into. Episodes include:

For the full list, see the complete SMF designations guide or start with Senior Manager Functions explained.

Getting Approved. The approval process is where many appointments stall. We explain the fit and proper test in full and how regulatory references and the six-year rule work. We also cover how long an SMF appointment really takes once notice periods and the regulator's assessment period are included. The standards themselves are set out in the FIT sourcebook of the FCA Handbook.

Accountability in Practice. Once approved, a Senior Manager lives with the regime every day. We look at:

Building the Senior Team. Firm-level episodes cover the structural questions:

Why Now: The SMCR in 2026

The regime is going through its biggest set of changes since it was extended to all FCA solo-regulated firms. The April 2026 reforms changed how the 12-week rule works. A firm covering an unexpected vacancy now has 12 weeks to submit an approval application for the person covering, rather than 12 weeks to have them approved. The Senior Manager Conduct Rules now apply to that person while they cover. Further changes to the Certification Regime are on the way.

These changes alter how firms plan succession, how quickly they need to move when a Senior Manager leaves, and what they need to tell the regulator. They also mean that much of the guidance published before 2026 is now out of date. SMF Unlocked tracks the changes as they take effect and explains what each one means for real appointments, so firms and candidates are working from the rules as they are today.

At the same time, the market for experienced Senior Managers is tight. Payment firms, crypto-asset businesses preparing for the FCA's new regime, and overseas firms setting up UK branches are all competing for the same small pool of approved compliance officers, MLROs and risk leaders. That pressure is pushing more firms towards fractional and interim arrangements, and towards appointing first-time Senior Managers who need to show the regulator they're ready. Both trends run through the show.

How Each Episode Works

Most episodes follow the same shape. We start with the rule or designation in plain English. Then we look at how it plays out in a real appointment: the questions boards ask, the gaps candidates need to close and the mistakes that cause delays. We finish with the two or three things a firm or candidate should do next. Every episode page links to the matching guide on the SMF Capital website, so the detail is there when you need it.

Who the Podcast Is For

SMF Unlocked is for anyone who holds, hires or supports a Senior Manager Function. That includes:

  • board chairs and non-executive directors
  • chief executives and finance directors of regulated firms
  • compliance officers and MLROs
  • HR and company secretarial teams who manage approval applications
  • founders preparing for authorisation

It's also for the next generation of Senior Managers. You might be a deputy compliance officer, a head of risk or a senior finance professional thinking about your first SMF role. The show explains what the regulator will look for and how to build the evidence of competence you'll need. When you're ready to talk about your next move, you can register confidentially with SMF Capital or browse current SMF jobs.

We cover firms across the regulated market: payment and e-money institutions, investment firms and wealth managers, consumer credit lenders, insurers and intermediaries, banks and building societies, and overseas firms with UK branches. Where a topic applies to dual-regulated firms, we also cover the role of the Prudential Regulation Authority alongside the FCA.

Our Approach

Every episode is built around three principles.

First, accuracy. The regime has changed significantly in 2026, so we check what we say against the rules as they stand. We point to the FCA Handbook and regulator publications rather than relying on older commentary.

Second, practicality. We focus on the decisions firms and individuals actually face, not abstract theory.

Third, brevity. Episodes are short enough for a commute, and the detail is left to the written guides linked from each episode page.

Nothing on the show is legal advice. SMF Unlocked explains how the regime works and how appointments are made in practice. For advice on your own firm's position, speak to your compliance team or a regulatory lawyer.

Go Deeper on the SMF Capital Website

These are the best places to start after listening.

Every SMF search is led personally by Adrian Lawrence FCA.

About Your Host

SMF Unlocked is hosted by Adrian Lawrence FCA. Adrian is a Chartered Accountant and Fellow of the ICAEW who holds a practising certificate in his own name. He 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, each focused on a different tier of senior appointment.

Through SMF Capital, Adrian leads searches for Senior Manager Function holders across payments, investment management, insurance, consumer credit and banking, and he personally interviews every shortlisted candidate. View Adrian's ICAEW profile.

SMF Capital works alongside four sister practices:

Be a Guest or Suggest a Topic

We welcome guests with first-hand experience of the regime: current and former Senior Managers, board chairs, compliance and risk leaders, and regulatory lawyers. If there's a part of the SMCR you'd like us to cover, or a question you'd like answered on air, email us at recruitment@smfcapital.co.uk.

Recruiting for a Senior Manager Function?

SMF Capital builds the fit and proper assessment into every search from the first conversation. Tell us the designation, firm type and timing, and we'll come back to you the same working day. Call 0203 137 2496 or visit SMF Capital.