Why Taking On Personal Accountability Could Be the Best Move of Your Career
Mention the words "personal accountability" in UK financial services, and many people tense up. Since the Senior Managers and Certification Regime came in, the most senior people in banks, insurers, investment firms and other regulated businesses have been named individually as responsible for their areas. If something goes wrong on their watch and they didn't take reasonable steps to prevent it, the regulator can hold them personally to account.
It's easy to see that as a burden. But talk to people who have stepped into these roles, and many describe something quite different: clarity, confidence and a sense of ownership that makes the work more meaningful. Here's why personal accountability can be one of the most positive steps in a career.
1. You know exactly what you're responsible for
One of the most frustrating things in any large organisation is vague responsibility. Who owns this? Who decides? Whose job is it to fix?
Senior Managers don't have that problem. Every Senior Manager has a Statement of Responsibilities, a written document setting out exactly what they're accountable for. It can feel daunting at first. In practice, many people find it liberating. You know what your job is, and so does everyone around you.
2. Your voice carries more weight
When you're personally accountable for an area, people listen when you raise a concern. A compliance officer, risk leader or chief operating officer who says "I'm not comfortable with this" is speaking with the authority of someone the regulator will hold responsible.
That can transform your influence in a firm. The regime gives Senior Managers a legitimate reason to ask for resources, challenge decisions and escalate problems. Those who use it well often find they shape the organisation far more than before.
3. It sharpens your judgement
Knowing you'll be accountable for your decisions encourages good habits:
thinking decisions through
asking for the right information
writing down your reasoning
escalating early rather than hoping a problem goes away
These habits don't just protect you. They make you better at your job. Many Senior Managers say the regime made them more thoughtful, more organised and more confident in their decisions.
4. It's a mark of trust
Nobody becomes a Senior Manager by accident. The regulator has to approve every appointment after assessing the individual's honesty, competence and financial soundness. Being approved is a recognition that you're trusted with one of the most important roles in a regulated firm.
That recognition travels with you. Having held a Senior Manager Function is a significant credential in a candidate market where experienced, approved people are in short supply.
5. It opens doors
Demand for experienced Senior Managers is strong. Firms across the market are competing for compliance officers, money laundering reporting officers, risk leaders and experienced board members. That includes payments and fintech businesses, crypto-asset firms preparing for full authorisation, consolidators in wealth management and insurance, and overseas firms opening UK offices.
Many experienced Senior Managers now build flexible portfolio careers, working as fractional or interim holders for several smaller firms. That kind of flexibility is hard to find in many other senior roles.
6. You help protect people
The regime exists for a reason. It was created after the financial crisis, when it became clear that nobody could be held responsible for failings that hurt customers and markets. Senior Managers are the people who make sure customers are treated fairly, fraud and money laundering are prevented, and firms stay resilient when things go wrong.
That's meaningful work. Behind every well-run control and every fair decision are customers who were treated properly, often without ever knowing who made sure of it.
How to thrive in the role
People who flourish as Senior Managers tend to share a few habits:
They ask good questions before accepting, including why the role is vacant, what they'll inherit and whether the function is properly resourced.
They record where things stand when they arrive, so it's clear which problems pre-date them.
They insist on good information. You can't oversee what you can't see.
They escalate early. Raising a concern is almost always better than waiting.
They build relationships with the board, especially independent non-executives who can support them.
They keep learning. The rules change regularly, and staying current is part of the job.
A positive way to see it
Personal accountability sounds heavy, and it is a real responsibility. But for the right person, it's also an opportunity: to have a clear role, a real voice, the trust of the regulator and the chance to make a genuine difference to how a firm treats its customers.
If you've been offered a Senior Manager role, or you're working towards one, it's worth seeing it for what it is. It isn't only a risk to be managed. It's a career milestone worth embracing.
Adrian Lawrence FCA is a Chartered Accountant and founder of SMF Capital, a specialist recruitment practice for Senior Manager appointments at UK regulated firms. SMF Capital publishes free guides to every Senior Manager Function at smfcapital.co.uk, and hosts SMF Unlocked, a podcast on the regime, available on Spotify.