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Home » Glossary Terms » Senior Management Functions (SMFs)

Senior Management Functions (SMFs)

Under the UK Financial Conduct Authority’s Senior Managers and Certification Regime (SMCR), the most senior people at a firm are the senior managers that perform key roles known as Senior Management Functions. Senior managers need regulatory approval before starting their roles, and every senior manager will need to have a ‘Statement of Responsibilities’ that clearly says what they are responsible and accountable for.

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