The pattern of open roles says a lot about where the demand sits. Recent government analysis of shortages points to hiring concentrated at the more senior and more qualified end of the sector. In financial services, recruitment was generally for Regulatory Qualification Framework (RQF) 6 and above roles, rather than RQF 3 to 5 the GOV.UK Temporary Shortage List Stage 2 report (2026).
That matters for the Senior Managers and Certification Regime (SMCR). Higher-qualification, higher-responsibility roles are far more likely to carry a Senior Management Function (SMF) or a Certification Function. So the shape of your open vacancies, not just the job titles, is an early signal of which SMCR obligations will apply to each hire.
SMCR splits into three parts, and the level of a role tells you which one is in play. Senior Management Functions cover the most senior decision-makers who need Financial Conduct Authority (FCA) approval before they start. Certification Functions cover people whose work could cause significant harm to the firm or its customers; the firm certifies them as fit and proper each year. The Conduct Rules then apply broadly across almost everyone else.
When open roles skew towards RQF 6 and above, you are more likely to be hiring into SMF or Certification territory per the GOV.UK Temporary Shortage List Stage 2 report (2026). A chief risk or compliance opening usually maps to an SMF. A senior adviser, portfolio manager or material risk taker typically maps to a Certification Function. Reading each vacancy through this lens early saves surprises later in the process.
Start by mapping the SMCR status before you advertise. Decide whether the role is an SMF needing pre-approval, a Certification Function needing an annual fit and proper assessment, or a Conduct Rules role. That decision shapes your timeline, your reference requirements and the questions you ask at interview.
Because the sector is hiring at the senior, qualified end, your pool of genuinely suitable people is narrower. That rewards a process that is both fast and thorough: quick to reach the right people, careful to verify them properly.
This is where we fit. We search a database of 15 million candidates to surface people who match the seniority and qualifications your regulated roles need, then we manage the process end to end so SMCR status, references and checks stay front of mind. Our recruitment agent manages recruitment end to end for 8% on a successful hire, with no monthly fee and no upfront cost. Ready to open your next regulated role with us? Start today.
