Four answers, four verdicts.

Senior Managers under the SM&CR are subject to several core requirements. They must be pre-approved by the FCA to hold a Senior Management Function (SMF) before performing the role (SUP 10C.10). Each Senior Manager must have a Statement of Responsibilities that clearly sets out their personal accountabilities, and the firm must maintain a Management Responsibilities Map showing how all responsibilities are allocated (SYSC 25). Senior Managers are subject to the Duty of Responsibility — they can be held personally accountable for misconduct in their area if they fail to take reasonable steps to prevent it. They must comply with the Senior Manager Conduct Rules (COCON 2.2), which include taking reasonable steps to ensure the firm complies with regulatory requirements, the firm has adequate systems and controls, and any delegation is to an appropriate person. Annual fitness and propriety certification is required (FIT 1.3), with a declaration to the FCA via Form J.