Faye Ellis

This Practice Note outlines the use of interviews by the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) as part of the approval process to perform senior manager functions (SMF) at authorised firms under the UK regulators’ Senior Managers & Certification Regime (SM&CR). It outlines the circumstances in which the regulators are most likely to conduct interviews as part of the SMF approval process. It provides practical guidance for SMF candidates and their firms in preparing for interview, including common areas of focus during interviews, the regulators’ approach to interviewing external or internal SMF candidates and additional considerations for SMF candidates at dual-regulated firms.

This Checklist supports candidates preparing for interviews with the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) for approval to perform a senior manager function (SMF) under the UK regulators’ Senior Managers & Certification Regime (SM&CR).

This Checklist assists Senior Management Function (SMF) candidates and their firms to prepare for and address issues which may arise during the application process with the Financial Conduct Authority (FCA) and/or the Prudential Regulatory Authority (PRA) for approval to perform an SMF under the UK regulators’ Senior Managers & Certification Regime (SM&CR). It supports both candidates and firms (which submit the SMF application on behalf of the candidate) in identifying, managing and responding to issues which arise during or following an SMF interview, on receipt of a ‘minded to refuse’ letter, or where the regulator(s) refuse the application.