Finance Recruitment for FCA Regulated Firms

Accountancy Capital places qualified finance professionals at £50,000 and above within FCA-regulated businesses across the UK. We cover the finance function that sits beneath and supports the regulated CFO: the Financial Controllers, Finance Managers, Finance Business Partners, FP&A Managers, regulatory reporting specialists and CASS-experienced accountants who run the day-to-day finance operation inside insurance brokers, payments and e-money firms, consumer credit lenders, investment firms, asset and wealth managers, insurers and other FCA-authorised entities.

This is a genuinely specialist market. Finance professionals at FCA-regulated firms need the same ACA, ACCA or CIMA depth as their equivalents at non-regulated businesses, plus familiarity with the reporting obligations, regulatory capital frameworks and client money rules that FCA regulation places on the finance function. Finding candidates who combine both, and who are available at the right salary for your type and size of firm, takes a recruiter with active relationships in that specific candidate pool. That is what Accountancy Capital provides. This page is organised around the regulation; if you would rather start from your sector, our financial services recruitment page covers the finance team by type of business.

The Finance Function Inside FCA-Regulated Firms

The finance function inside an FCA-regulated business has two layers. The upper layer is the CFO or Finance Director, usually approved as SMF2 (Chief Finance Function) under the Senior Managers and Certification Regime, who carries personal regulatory accountability for the firm’s financial affairs. That appointment is handled by our sister firm FD Capital. The lower layer is the Financial Controller, Finance Manager, FP&A Manager, Financial Accountant, Regulatory Reporting Manager and specialist finance staff who carry out the actual financial management of the regulated business. That is the layer Accountancy Capital recruits.

Both layers need to be properly staffed for a regulated finance function to work. A strong SMF2 without a capable FC or Finance Manager beneath them ends up doing month-end accounting rather than the capital planning, investor work and board-level financial oversight that the SMF2 role demands. Our guide to building a finance function at a regulated firm sets out how the roles fit together as a firm grows.

Finance Roles We Place at FCA-Regulated Firms

The table below shows the roles we are briefed on most often, with typical London base salary ranges. Regional salaries generally sit below London, and the size, complexity and regulatory classification of the firm move the figure within each range. For more detail see our regulated firm finance salary guide.

Finance Recruitment by Type of FCA-Regulated Firm

The FCA-regulated market is not one market. The finance team at a boutique asset manager with £500m under management, a fast-growing payments firm, a consumer credit lender and a Lloyd’s broker all work under different prudential rules, report different returns and need different experience. So the first thing we establish on any brief is the firm’s permissions and prudential category.

Insurance brokers and intermediaries

Brokers, MGAs and other intermediaries hold client money under CASS 5, report under the MIPRU capital rules and increasingly need finance teams that can produce Consumer Duty and fair value data. The FC role combines insurance revenue recognition, premium and claims money flows, binder reconciliations and the client money calculation. We cover these hires through our Financial Controller recruitment for insurance intermediaries.

Payments firms and e-money institutions

Authorised payment institutions and e-money institutions do not fall under CASS but have their own safeguarding obligations, capital requirements and periodic returns. The finance team owns the daily safeguarding reconciliation, the own funds calculation and the regulatory returns, usually at a business growing quickly and closing fast. See our fintech finance recruitment page and the guide to safeguarding at payments and e-money firms.

Consumer credit lenders and brokers

Consumer credit firms, from motor and point-of-sale finance to unsecured and specialist lenders, need finance teams that understand impairment under IFRS 9, funding line and covenant reporting, and the management information the FCA expects under Consumer Duty. Finance Managers who can produce credit performance and arrears reporting alongside the management accounts are in steady demand. Our guide to the Consumer Duty MI finance must produce explains what this looks like in practice.

Investment firms, asset managers and wealth managers

MiFID investment firms report under the Investment Firms Prudential Regime, which means MIFIDPRU capital and liquidity calculations, the ICARA process and the associated returns. Many also hold client money and assets. We recruit FCs, Finance Managers and Financial Accountants for these firms through our Financial Controller asset management recruitment practice and our investment firm FC recruitment.

Insurers and dual-regulated firms

Insurers, banks and building societies are dual-regulated: the FCA supervises conduct while the Prudential Regulation Authority sets capital rules. Finance roles here involve Solvency UK reporting for insurers, or COREP and FINREP for banks. We recruit Finance Managers, FP&A and business partners here, often in UK subsidiaries of international groups.

Cryptoasset firms

Cryptoasset businesses registered with the FCA, and those preparing for the new authorisation regime, need finance staff who can handle custody reconciliations, reserve reporting and an audit trail that will stand up to regulatory scrutiny. See crypto and digital assets finance recruitment.

Regulatory Reporting: RegData, Capital Adequacy and MIFIDPRU

Regulatory reporting is the part of the role that most clearly separates a regulated-sector accountant from a commercial one. Every FCA-authorised firm submits periodic returns, and the finance team is responsible for producing them accurately and on time. The FCA has moved its data collection from the old GABRIEL system to RegData, so candidates who have handled the migration and the current return set are particularly useful.

For investment firms, the core work is the MIFIDPRU calculation of own funds, the permanent minimum, fixed overheads and K-factor requirements, liquid assets, and the ICARA process that brings capital, liquidity and wind-down planning together for the board. These rules sit in the MIFIDPRU sourcebook, and our guides to regulatory capital, ICARA and IFPR and MIFIDPRU reporting skills explain what to test for at interview. Payments firms, consumer credit firms and insurance intermediaries report against their own capital frameworks, and banks submit COREP and FINREP.

At smaller firms, regulatory reporting is part of the FC or Finance Manager’s job. At larger firms it becomes a dedicated role or team. We recruit both, and our regulatory reporting recruitment page covers the standalone roles in more detail.

Client Money, Client Assets and Safeguarding

Firms that hold client money or custody assets must comply with the Client Assets Sourcebook (CASS), which sets strict rules on segregation, daily and monthly reconciliations, record-keeping and reporting through the Client Money and Asset Return (CMAR). In most firms the reconciliation sits with finance. It needs precise procedural knowledge, firm controls and the ability to investigate breaks quickly, because a client money failure can be a notifiable breach.

The skills are specialised enough that larger firms hire dedicated CASS accountants, and the distinction between CASS oversight and CASS operations matters when you write the brief. Our CASS accountant recruitment page covers these roles, and payments firms should read the safeguarding guidance above, as the rules differ.

What Makes Finance Recruitment at FCA-Regulated Firms Different

Finance professionals at regulated firms work with reporting obligations, capital frameworks and client protection rules that have no equivalent outside the sector. Understanding them is not a nice-to-have for the FC or FM. The management accounts need to show regulatory capital deductions correctly. The month-end close needs to include the client money or safeguarding reconciliation. The board pack needs the capital adequacy position alongside the P&L and balance sheet. A Finance Manager who has only worked in non-regulated businesses will usually need a meaningful period of on-the-job learning before they can own these elements independently.

That creates a persistent shortage of finance professionals with regulated-sector experience at FC and FM level. Demand from regulated businesses, particularly in fintech, payments and asset management, regularly runs ahead of the number of qualified candidates with relevant experience. As a result, salaries at FCA-regulated firms commonly sit above the equivalent role at a non-regulated business of a similar size; we often see a premium in the region of 15–25%, though it varies by role, firm and location. Our article on why regulated finance roles pay more explains the drivers.

How We Run a Regulated-Sector Finance Search

Every search starts with a conversation about the firm’s permissions, prudential category, client money position and where the finance function is today. That tells us which regulatory experience is essential and which can be learnt. We then agree the role scope, salary or day rate and timetable with you, and confirm our fees in writing before the search starts.

• We respond to new briefs the same working day.
• For permanent roles, a shortlist typically follows within one to two weeks.
• For interim and fractional roles, we usually introduce available candidates within days.

We also check qualification status with the relevant body, such as the ICAEW, and confirm the regulatory history a candidate describes. If your firm has recently been authorised, our guide to hiring finance at a newly authorised firm is a useful starting point.

Permanent, Interim and Fractional Finance Support

Not every regulated firm needs a full-time FC. Smaller brokers, newly authorised payments firms and boutique investment managers often need regulated-sector expertise two or three days a week, or an interim to cover a departure, a capital review or a reporting deadline. We place permanent, interim and fractional finance professionals, and our guide to fractional and interim finance in FCA-regulated firms explains when each model fits.

The CFO and Senior Manager Level

Accountancy Capital covers the finance team below SMF2. The CFO or Finance Director approved as SMF2 is placed by FD Capital, which handles permanent, interim and fractional CFO appointments at regulated firms. Other senior manager function appointments, including SMF16 (Compliance Oversight) and SMF17 (MLRO), are the work of our sister firm SMF Capital. Board and governance roles, such as SMF9 (Chair) and the committee chairs, are covered by NED Capital.

When a regulated firm needs to build or replace its whole finance function, from SMF2 down to Management Accountant, the most effective approach is to brief the CFO search and the finance team search at the same time, so both run in parallel and the team is built around the incoming CFO’s preferences rather than inherited.

Frequently Asked Questions

Do finance staff at FCA-regulated firms need to be approved by the FCA?

Usually not. Only senior manager functions such as SMF2 need FCA approval. Financial Controllers and Finance Managers are not normally senior managers, although some firms bring certain roles into the certification regime or the conduct rules apply to them. Our guide to SMCR for finance teams explains where finance staff fit.

Can a strong commercial Financial Controller move into a regulated firm?

Yes, with the right support. It works best where someone else already covers regulatory reporting, or the FC has financial services audit experience from practice. Where the FC will own capital and client money from day one, prior regulated experience matters much more.

What is the difference between CASS and safeguarding experience?

CASS applies to investment firms, brokers and others holding client money or assets under the FCA Handbook. Safeguarding applies to payments and e-money firms under separate regulations. The disciplines overlap, but the rules, reconciliations and audits differ, so we match candidates to the regime your firm falls under.

How long does it take to hire a finance professional for a regulated firm?

For permanent roles, we typically present a shortlist within one to two weeks; the overall timetable then depends on your interview process and the candidate’s notice period, which is often three months at FC level. Interim and fractional candidates can usually be introduced within days.

How are your fees structured?

Fees depend on the role and whether it is permanent, interim or fractional. We agree them in writing with you before a search starts, so there are no surprises.