SIF interviews
SIF interviews

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • SIF interviews
  • Senior Managers and Certification Regime
  • What is a SIF?
  • Regulator assessment of SIFs
  • Stages in SIF approval
  • Firm application
  • Regulatory assessment—interview criteria
  • Regulator assessment—key competencies for SIF roles
  • The interview process
  • Preparing for the interview
  • more

On 7 March 2016, the Senior Managers and Certification Regime (SM&CR) replaced the Approved Persons Regime (APER) in relation to UK banks, building societies, credit unions and PRA-designated investment firms and the Senior Insurance Managers Regime (SIMR) replaced APER in relation to all UK-incorporated firms who fall within scope of Solvency II, including insurance and reinsurance firms. SIMR also applies to Insurance Special Purpose Vehicles, the Society of Lloyd’s and managing agents, and UK branches of non-EEA insurers (excluding Swiss general insurers operating in the UK under the 1989 Swiss Treaty). HM Treasury announced in October 2015 the extension of the SM&CR to all FSMA authorised financial services institutions from 2018. The Lexis®PSL Financial Services team have retained this Practice Note as a source for those who remain under the APER regime. For further information, see Practice Notes: Senior Managers and Certification Regime—essentials for SM&CR banking firms and SM&CR—policy development and key dates.

This Practice Note provides guidance for prospective Significant Influence Function (SIF) candidates on what to expect from the SIF interview process and how best to prepare.

Senior Managers and Certification Regime

The Senior Managers (SMR) and Certification Regime sees the PRA (and at a later stage also the FCA) conducting interviews for individuals seeking a senior manager function role (SMF). As with