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The New Significant Management Functions (SMFs)

The SMR will ensure that senior managers can be held accountable for any misconduct that falls within their areas of responsibility.

The regulators have now clarified the allocation of Prescribed Responsibilities to different categories of Senior Management Function (SMF) holders and issued a single table covering both FCA and PRA Prescribed Responsiblities.

Significant Management Functions (SMFs)

Combined List of Senior Management Functions (SMFs)

Chief Executive function

SMF 1

PRA

Chief Finance function

SMF 2

PRA

Executive Director

SMF 3

FCA

Chief Risk function

SMF 4

PRA

Head of Internal Audit

SMF 5

PRA

Head of key business area

SMF 6

PRA

Group Entity Senior Manager

SMF 7

PRA

Credit union SMF (small credit union only)

SMF 8

PRA

Chairman

SMF 9

PRA

Chair of the Risk Committee

SMF10

PRA

Chair of the Audit Committee

SMF11

PRA

Chair of Remuneration Committee

SMF12

PRA

Chair of the Nominations Committee

SMF13

FCA

Senior Independent Director

SMF14

PRA

Non-Executive Director

SMF15

FCA

Compliance Oversight

SMF16

FCA

Money Laundering Reporting

SMF17

FCA

Other Overall Responsibility Function

SMF18

FCA

These areas of Prescribed Responsibilities and SMFs are further outlined by application to large or small firms in Consultation Paper 15/22, Annex 4.
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Senior Managers Regime:

 Grandfathering Assistance & Support

We can provide support  and assistance in preparing for the Senior Managers Regime, including mapping out and allocating responsibilities, preparing Grandfathering Notifications and Statement of Responsibilities.