Information on senior management functions - February 2025

In considering the following data, please note the following:

• The data only relates to Senior Management Functions (SMF) applications received from authorised firms and does not include interviews conducted as part of an application for a new firm authorisation or variation of permission. We have assumed here that you are interested in standalone SMF applications as opposed to our assessment of individuals associated with new firm applications. If you would like data regarding interviews undertaken as part of our assessment of individuals associated with new firm applications, please let us know.
• The data only includes interviews solely conducted by the FCA. For Dual Regulated firms (i.e. those regulated by both the PRA and FCA), the PRA is the administrative lead for PRA-led SMF applications. Whilst both regulators often attend SMF interviews jointly for PRA-led applications, the PRA is responsible for holding the data for these.

In 2024 and 2025 (so far) 74 FCA-led interviews were conducted to approve an individual to perform one or more SMF.

In relation to the 74 FCA-led interviews referenced above, the breakdown of the functions applied for is below (see the FCA Handbook for a description of each function). Multiple functions can be applied for via individual applications; hence the sum of the functions below is greater than the number of FCA-led interviews completed.

Of the 74 interviews referred to above, 5 of the individuals were invited to attend second interviews with the FCA in 2024 and 2025 (so far).

In relation to the 5 FAC-led second interviews referenced above, the breakdown of the functions applied for is below. Multiple functions can be applied via individual applications; hence, the sum of the functions below is greater than the number of FCA-led interviews completed.

Please note that, due to the way our records are stored, the above relates to the date applications were received rather than the date when an interview was completed, i.e. there were 74 interviews and 5-second interviews completed for applications received during 2024. We can confirm that no interviews were completed in relation to applications received between 1 January and 6 February 2025 (when the data was extracted). There will be additional interviews scheduled or completed in relation to these applications.

As per the information provided, the most common functions where we have interviewed a candidate are SMF1, SMF7, SMF16 and SMF17. For the second interview, we consider the numbers too low to identify a trend based on function.