Episodes

Welcome to the SMF Capital Podcast. Today we're looking at SMF2 — the Chief Finance function and why appointing a CFO to a regulated financial services business can involve considerably more than finding someone with a strong conventional finance background. For an ordinary commercial company, you might think of the CFO primarily as the person responsible for financial reporting, budgeting, forecasting, cash management and financial strategy. Those responsibilities remain important in a regul...

Welcome to the SMF Capital Podcast. Today we're looking at SMF4 — the Chief Risk function and why the Chief Risk Officer can play such an important role in the governance of a regulated financial services business. Risk management matters to every business, but in a regulated firm the board needs to understand its principal risks, how those risks are changing and whether the controls designed to manage them are working effectively. That's where the Chief Risk Officer can become particularly i...

Today we're looking at SMF9 — the Chair function and what being the chair of a regulated financial services business actually involves under the Senior Managers and Certification Regime, or SMCR. For many businesses, appointing a chair can initially appear straightforward. Find an experienced board director, give them the chair's position and let them lead the board. But within a regulated financial services firm, the role can involve much more. The chair sits at the centre of the firm's gove...

There's another important part of the authorisation process that shouldn't be overlooked: the Fit and Proper Test. Identifying somebody for an SMF position is only part of the process. The regulator also needs to consider whether the individual is fit and proper to perform the role. So what does that actually mean? At a practical level, the assessment considers whether the individual has the appropriate honesty, integrity and reputation, competence and capability, and financial soundness, as ...

Let's take a closer look at one of the most important senior management functions: SMF1, the Chief Executive function. For many businesses seeking FCA authorisation, the CEO is going to be central to the proposed governance structure. But becoming the CEO of a regulated business is different from simply becoming the CEO of an ordinary commercial company. An SMF1 holder has a specific senior management responsibility within the regulated firm, and the individual needs to be approved to perform...

Welcome to the SMF Capital Podcast. Today we're looking at an issue that can make a significant difference to the FCA authorisation process: when and how you build your Senior Management Function team. If you're a fintech, payments business, cryptoasset firm or another business preparing for FCA authorisation, it's tempting to concentrate first on the business plan, technology, commercial proposition and customer proposition — and then deal with the senior management structure towards the end...

Welcome to today’s episode, where we’re looking at an important subject for anyone dealing with investments, financial planning or regulated financial services: what does FCA regulation actually mean, and why does it matter? The financial services industry uses a lot of terminology — FCA authorised, FCA regulated, appointed representative, financial adviser, investment advice and financial promotion. But what do these terms actually mean? And perhaps more importantly, how can individuals and b...