FD Capital

Welcome to SMF Unlocked, the podcast from SMF Capital.
Today we are answering a question that matters to boards, CEOs, HR directors, compliance teams and anyone recruiting senior leadership into an FCA-regulated business.
How long does an SMF appointment actually take?
It sounds like a straightforward question, but there are several stages involved. Finding the right candidate is only the beginning. The firm must also complete its due diligence, assess fitness and propriety, obtain the necessary regulatory references and submit an appropriate application to the FCA or, where relevant, the PRA.
The appointment timeline therefore needs to account for both recruitment and regulatory approval.
Under the FCA's rules, an individual generally cannot start performing an SMF until the required approval has been granted, subject to specific exceptions such as the applicable temporary cover arrangements. (FCA guidance on SMF applications)
Let's look at the process step by step.
Stage One: Defining the Role
Before approaching candidates, the firm needs to establish exactly what it is recruiting for.
Is the requirement for an SMF1 Chief Executive, an SMF2 Chief Finance function holder, an SMF4 Chief Risk Officer, an SMF16 Compliance Oversight function holder, or another senior management function?
The answer affects the candidate profile, the responsibilities involved and the evidence needed to support the application.
The firm should also establish how the role fits within its existing governance structure.
What responsibilities will the individual hold? Who will they report to? Will they manage a team? How much authority will they have? Does the firm's Statement of Responsibilities or, where applicable, its Responsibilities Map need to be updated?
Stage Two: Finding the Right Candidate
The recruitment phase can vary considerably.
If the firm already knows a suitable internal candidate, the process may be relatively quick.
If it needs to conduct an external search for a specialist executive, it may take considerably longer.
For an external appointment, a reasonable initial planning assumption might be four to eight weeks to identify, approach, assess and shortlist candidates. Difficult searches, particularly for specialist risk, compliance or international leadership roles, can take longer.
The timetable depends on several factors:
How specialised the function is
The seniority and experience required
The availability of suitable candidates
The firm's location and sector
Remuneration and other terms
The complexity of the interview and assessment process
Whether the appointment is permanent or interim
It is important not to confuse a quick shortlist with a completed recruitment process.
For an SMF role, the firm needs to understand the candidate's actual responsibilities and regulatory experience, not simply their previous job titles.
Stage Three: Interviews and Due Diligence
Once a preferred candidate has emerged, the firm needs to assess whether they are suitable for the proposed function.
This goes beyond a conventional executive interview.
The firm's assessment should consider honesty, integrity and reputation; competence and capability; and financial soundness.
Depending on the circumstances, due diligence may include criminal record checks, regulatory references, employment history checks, qualifications, conflicts of interest and an assessment of the candidate's relevant experience.
The firm must be satisfied that the candidate is fit and proper before submitting the application.
Regulatory references are particularly important. The FCA's framework generally requires relevant references covering the preceding six years, with serious misconduct potentially requiring disclosure outside the usual six-year period.
The FCA expects regulatory references to be provided as soon as reasonably practicable and indicates that six weeks is the maximum expected period in the usual case, rather than a target to wait for.
This is one reason to begin reference checks early.
A candidate may be ready to accept an offer, but a delayed reference or unresolved due diligence issue can hold up the application.
For planning purposes, allow around two to four weeks for straightforward due diligence, potentially running alongside later recruitment stages. Complex employment histories or difficult-to-obtain references can extend this period.
Stage Four: Preparing the FCA Application
The next stage is preparing the application for regulatory approval.
For an FCA application, this normally involves Form A and supporting information submitted through the relevant regulatory system. Dual-regulated firms may also need to follow the PRA-led process for functions within the PRA's remit.
The firm should be ready to explain why the candidate is suitable and how the proposed role will operate in practice.
The FCA identifies several common causes of delay, including:
Incomplete applications
Insufficient explanation of how responsibilities are allocated
Regulatory references or criminal record checks not completed before submission
An inadequate skills-gap analysis
An out-of-date Responsibilities Map where one is required
Incomplete disclosure of directorships
Insufficient information about conflicts of interest
Unclear evidence that the candidate has enough time to perform the role
Slow responses to follow-up questions
These are avoidable problems in many cases.
The FCA expects firms to submit a full and complete application from the outset. Preparing the supporting material properly can therefore make a meaningful difference to the overall timetable.
Stage Five: FCA Approval
How long does the regulator take?
The FCA must generally determine a properly completed SMF application within three months. If it requests further information, the assessment clock can be paused while the firm provides the information or completes an interview.
However, the statutory period should not be confused with the time every application actually takes.
The FCA publishes processing statistics and has reported that most FCA-led senior manager applications are determined significantly before the three-month deadline. Its published median processing time was 41 calendar days in the operating metrics cited in its 2025 reform consultation. That is historical performance data, not a guarantee of how long a new application will take.
The key points are:
Some applications are decided relatively quickly.
More complex cases can take longer.
The FCA may ask for further information or interview the candidate.
Incomplete applications can delay the process.
The firm, rather than the candidate, receives the FCA's progress updates.
You should therefore plan around the actual complexity of the appointment rather than assuming approval will arrive within a particular number of days.
You can read the regulator's guidance on how the FCA assesses SMF applications.
So, What Is a Realistic Overall Timeline?
For a new external SMF appointment, a useful planning estimate is around two to four months from the start of the recruitment process to regulatory approval, assuming a reasonably straightforward search and a well-prepared application.
This is a planning estimate, not an FCA service standard or a guarantee.
A simple internal appointment may be completed more quickly. A complex external search, difficult reference process, governance restructuring or regulatory follow-up may push the timetable beyond four months.
Here is an illustrative breakdown:
Stage
Indicative planning time
Define the role and responsibilities
1–2 weeks
Search and shortlist candidates
4–8 weeks
Interviews and due diligence
2–4 weeks, partly overlapping
Application preparation
1–2 weeks, partly overlapping
FCA assessment
Several weeks; statutory period generally up to 3 months for a complete application
These stages overlap, so the figures should not simply be added together. The overall timetable depends on the search, the quality of the application and the regulator's assessment.
The most important lesson is that the recruitment search and the regulatory approval process must be planned together.
Can the Candidate Start Before Approval?
For an ordinary new appointment, the answer is generally no.
An individual who requires approval to perform an SMF must not begin performing that function until the necessary approval has been granted.
There are, however, specific arrangements for certain unexpected or temporary vacancies.
The FCA's 2026 changes provide greater flexibility around the 12-week rule. Where the relevant conditions are met, a person may temporarily perform an SMF without prior approval, and firms now have up to 12 weeks to submit an application. The rule is intended to help firms manage unexpected absences or departures, not to replace proper succession planning or the normal approval process.
Firms should check the current rules and their own circumstances before relying on this arrangement.
You can read the FCA's guidance on preparing to apply for an SMF.
How Can Firms Avoid Unnecessary Delays?
There are several practical steps that can make an SMF appointment more efficient.
First, define the role properly. Be clear about the function, responsibilities, reporting lines and authority before starting the search.
Second, start due diligence early. Do not wait until the preferred candidate has accepted an offer before identifying potential reference or documentation issues.
Third, prepare the application carefully. Make sure the Statement of Responsibilities, skills-gap analysis and any required Responsibilities Map are consistent with the proposed appointment.
Fourth, check the candidate's capacity. The regulator may want to understand other directorships, existing roles and whether the candidate has sufficient time to perform the function.
Fifth, respond promptly to questions. Delayed responses to the regulator can prolong the process.
Finally, build a realistic start date into the recruitment plan. Avoid making commercial commitments that depend on an approval date the firm cannot control.
Why Specialist SMF Recruitment Helps
An SMF appointment is not simply an executive search followed by an administrative application.
The recruitment process needs to take account of the responsibilities, experience and regulatory expectations attached to the function.
This is where specialist recruitment can help.
SMF Capital works with regulated businesses looking to appoint senior managers across relevant functions. Understanding the role from the outset helps firms focus on candidates whose experience is aligned with the responsibilities they will be expected to carry.
It can also help identify potential issues early, including gaps in relevant experience, competing commitments or questions that may need to be addressed in the application.
No recruiter can guarantee regulatory approval or control the FCA's decision. The value lies in a better-informed search and a more organised appointment process.
Final Thoughts
How long does an SMF appointment actually take?
For planning purposes, allow around two to four months for a straightforward external appointment, while recognising that the process may be shorter or longer depending on the search, due diligence and regulatory assessment.
The FCA's statutory decision period is generally three months from receipt of a properly completed application, but that is only one part of the overall timetable.
The firms that plan effectively are those that treat recruitment, due diligence, governance documentation and regulatory approval as connected stages of one process.
If your business is preparing to appoint an SMF, the best time to consider the approval timetable is before the recruitment search begins.
For more information, visit SMF Capital and explore its guidance on SMF appointments and specialist recruitment for regulated businesses.
Thank you for listening to SMF Unlocked.

What Enforcement Tells Us About Reasonable Steps
Podcast Introduction
Welcome to SMF Unlocked, the podcast from SMF Capital.
Today we are looking at one of the most important concepts in the Senior Managers Regime:
reasonable steps.
The phrase appears straightforward, but for an SMF holder it can have significant consequences.
Every Senior Management Function holder has a statutory Duty of Responsibility. If a firm breaches a regulatory requirement, the SMF responsible for the relevant area can potentially be held accountable if they failed to take the reasonable steps that could have prevented or stopped the breach.
So what does "reasonable steps" actually mean?
And what can enforcement experience tell senior managers about what regulators expect?
A Firm Breach Does Not Automatically Mean an SMF Breach
The first point is extremely important.
The SM&CR does not make an SMF automatically responsible for every failure that occurs within their area of the business.
The question is not simply:
"Did something go wrong?"
It is:
"Given what this senior manager was responsible for, what should they reasonably have done to prevent or address it?"
That is a much more nuanced test.
What Are Reasonable Steps?
There is no universal checklist.
The FCA has deliberately avoided creating an exhaustive list because what is reasonable depends on the circumstances.
The FCA's guidance says the assessment looks at what a competent SMF manager would have done at the time, in that particular position, with that particular role and responsibility, and considering all the circumstances.
Scale, complexity, risk and the individual's actual responsibilities all matter.
Control Systems Are Only the Starting Point
One obvious form of reasonable steps is having appropriate systems and controls.
If an SMF is responsible for a particular business area, they should understand the key risks and ensure appropriate controls exist.
But the FCA's guidance goes further.
Senior managers are expected to maintain an appropriate understanding of the business for which they are responsible.
That gives us an important practical lesson:
Reasonable steps involve active management, not passive reliance.
Information Is Critical
An SMF cannot reasonably manage a responsibility that they do not understand.
That does not mean becoming an expert in every technical issue.
A CEO does not need to be the firm's best cybersecurity specialist.
A CFO does not need to personally understand every aspect of compliance.
A CRO cannot personally investigate every transaction.
But senior managers need sufficient information to understand the material risks in the areas for which they are accountable.
If the information being provided is inadequate, that can itself become a management issue.
The FCA guidance specifically indicates that where a manager is not an expert in a business area, they should consider whether sufficient expertise is available and, where appropriate, seek an independent opinion.
Delegation Does Not End Accountability
This is one of the most important lessons for senior managers.
Delegation is essential in any sizeable organisation.
An SMF cannot personally perform every control, review every transaction or manage every employee.
But delegation does not eliminate accountability.
The FCA says that SMF holders should ensure that delegated responsibilities are given to appropriate people and retain an appropriate level of oversight.
So there is a difference between saying:
"I delegated it, so it wasn't my responsibility."
and:
"I delegated it to an appropriate person, established suitable controls, received appropriate information and maintained effective oversight."
The second approach is much closer to what the regime expects.
What Enforcement Can Teach Us
Looking at enforcement through this lens provides a useful way of thinking about the Duty of Responsibility.
Regulators are not simply interested in whether a senior manager personally committed an underlying error.
They can look at the management system surrounding the failure.
Were warning signs available?
Was the senior manager receiving the right information?
Were concerns escalated?
Were previous problems properly investigated?
Did the manager challenge explanations that did not make sense?
Were appropriate resources provided?
Were weaknesses in controls identified and addressed?
And, once a problem became apparent, did the senior manager act?
These questions help explain why the concept of reasonable steps is so closely connected to governance.
What Happens When Warning Signs Are Ignored?
Imagine that a senior manager receives repeated reports showing an unusual level of customer complaints.
The reports are not conclusive.
There is no evidence yet of a major regulatory breach.
But the trend is clearly unusual.
A reasonable response might include asking for further analysis, understanding the cause, checking whether existing controls are working and ensuring that appropriate action is taken.
Simply filing the report away because nobody has formally declared a breach may not be sufficient.
The same principle can apply to financial reporting, risk management, compliance monitoring, operational resilience, market conduct or customer outcomes.
The precise response will depend upon the circumstances.
But the underlying principle is consistent:
Senior managers need to respond appropriately to information that could indicate a material problem.
Reasonable Steps and the Statement of Responsibilities
This is where the SMF's Statement of Responsibilities becomes particularly important.
The FCA requires every SMF to have a Statement of Responsibilities setting out what they are responsible and accountable for.
If responsibility is clearly allocated, the firm and the regulator can identify the senior manager responsible for the relevant area.
That makes it important for senior managers to understand their Statement of Responsibilities rather than treating it as an administrative document.
An SMF should know:
What they are responsible for
What risks sit within their area
Which controls support those responsibilities
Who reports to them
What has been delegated
What information they receive
How issues are escalated
What action they can take when something goes wrong
A clear responsibility structure makes effective management much easier.
Reasonable Steps in 2026
The SM&CR continues to evolve.
The FCA's 2026 reforms have reduced some administrative burdens and introduced greater flexibility around areas including temporary SMF arrangements, while retaining the core principle of individual accountability.
That is worth emphasising.
Simplifying the regime does not mean removing accountability.
The FCA has specifically stated that the reforms are intended to maintain the core principle of senior leader accountability while making the regime more proportionate.
For SMF holders, the fundamental question therefore remains:
Are you taking reasonable steps to discharge the responsibilities allocated to you?
Non-Financial Misconduct
The concept of reasonable steps has also become relevant to the FCA's wider focus on culture and conduct.
New rules and guidance concerning non-financial misconduct came into effect on 1 September 2026.
The FCA has explained that the updated framework includes guidance on reasonable steps for managers and on how certain work-related misconduct can fall within the Conduct Rules.
This means senior managers need to think not only about financial controls and regulatory reporting, but also about the management environment in which conduct takes place.
If serious concerns are raised within a senior manager's area, ignoring them may itself become a management issue.
The Practical Test for an SMF
A useful way for an SMF holder to think about reasonable steps is to ask:
Do I know what is happening in my area of responsibility?
Do I receive enough information to identify important risks?
Are my controls appropriate to the risks?
Do I have competent people carrying out delegated responsibilities?
Do I challenge explanations when something does not make sense?
Do I act when warning signs appear?
Do I escalate material concerns appropriately?
Do I have sufficient authority and resources to discharge my responsibilities?
And finally:
If something went wrong tomorrow, could I demonstrate the reasonable steps I had taken beforehand?
That last question is particularly valuable.
What This Means for Recruitment
The Duty of Responsibility also changes what firms should look for when recruiting SMFs.
Technical expertise is important.
But so are judgement, leadership, challenge, communication and the ability to manage through information rather than simply react to problems.
An effective SMF needs to be comfortable asking difficult questions.
They need to know when to challenge.
They need to understand their own limitations.
And they need to create a management environment where problems are identified rather than concealed.
These characteristics are difficult to assess from a CV alone.
They require proper senior-level recruitment and assessment.
SMF Capital
SMF Capital specialises in recruitment for senior management functions within regulated businesses.
When appointing an SMF, the question is not simply whether someone has held a similar title before.
The more important question is whether their previous experience demonstrates the judgement and leadership capability required for the responsibilities they will actually assume.
That includes understanding how candidates have managed risk, delegated responsibility, responded to problems and operated within regulated environments.
For firms reviewing their senior management structure, these considerations can also help identify whether the existing allocation of responsibilities is working effectively.
The FCA Enforcement Trends: What SMF Holders Actually Need to Know resource provides further information on enforcement, individual accountability and the practical implications for senior managers.
Final Thoughts
The phrase reasonable steps can sound vague.
In reality, it is deliberately flexible.
The FCA cannot prescribe exactly what every CEO, CFO, CRO, Compliance Officer or other SMF should do in every possible situation.
Instead, the question is whether the individual acted as a competent senior manager could reasonably have been expected to act, given their role, responsibilities and circumstances.
The strongest protection for an SMF is therefore not a particular document or policy.
It is evidence of good management.
Understanding the business.
Having appropriate controls.
Receiving meaningful information.
Challenging when necessary.
Delegating properly.
Escalating problems.
Thank you for listening to SMF Unlocked.

Welcome to the NED Capital Podcast, where we explore the issues that matter to chairs, CEOs, investors and business owners when building effective boards.
Today, we're looking at a question every growing organisation should periodically ask:
Is your board actually equipped for the organisation's next stage of development?
It's easy to assume that once you've appointed experienced directors, good governance will naturally follow.
But effective governance isn't simply about having experienced people around the table.
It's about having the right people, the right structure, the right skills and the right culture of challenge.
At NED Capital, we've created a dedicated Board Governance Hub bringing together resources for organisations looking to strengthen board governance, improve board composition and recruit experienced Non-Executive Directors.
One of the best places to start is with the composition of the existing board.
What skills do your directors currently have?
Where are the gaps?
And perhaps most importantly, what skills will the organisation need over the next three to five years?
This is where a board skills audit becomes extremely useful.
We've produced a practical guide explaining How to Conduct a Board Skills Audit Before Hiring a NED.
A skills audit is essentially a structured assessment of the expertise, experience and capabilities already represented on the board.
It allows the organisation to identify where additional expertise could make the greatest difference.
For example, perhaps the board has strong financial expertise but limited technology experience.
Perhaps it has several experienced operators but nobody with significant M&A experience.
Perhaps the company is expanding internationally but the board has primarily domestic experience.
Or perhaps the organisation is preparing for an IPO and needs directors who understand public markets and listed-company governance.
These are very different requirements.
And they lead to very different NED searches.
The mistake is to start with the individual.
Instead of asking:
“Who should we appoint?”
Start by asking:
“What does the board need?”
That simple change in approach can significantly improve recruitment.
A board skills audit should look at more than professional qualifications.
It should consider sector experience, strategic expertise, financial understanding, governance knowledge, risk management, international experience, technology, M&A, leadership and other capabilities relevant to the organisation.
It should also consider the board's collective experience.
If five directors have broadly similar backgrounds, the board may have considerable expertise but still lack diversity of thought.
That matters because one of the most valuable functions of a Non-Executive Director is constructive challenge.
A strong NED isn't there simply to agree with management.
They're there to ask the questions that might otherwise go unasked.
Why are we making this assumption?
What happens if the strategy doesn't deliver?
Have we considered the downside?
Is there another option?
Do we have the right information to make this decision?
Good governance creates an environment where those questions can be asked.
That brings us to board culture.
A board can have excellent directors on paper and still be ineffective if the culture doesn't encourage challenge.
If directors are reluctant to disagree with the CEO, the chair or major shareholders, the board may fail to identify important risks.
The chair therefore has a particularly important role.
An effective chair should encourage different perspectives, manage disagreement constructively and ensure that all directors have an opportunity to contribute.
The objective isn't to create conflict.
It's to create healthy challenge.
Governance is also about accountability.
Directors need to understand their responsibilities and have access to the information required to make properly informed decisions.
Board papers need to be useful.
Meetings need to focus on strategic and governance matters rather than becoming an extended operational management meeting.
And the board should periodically evaluate its own effectiveness.
One useful question is:
If we were building this board from scratch today, would we appoint exactly the same people?
The answer may be yes.
But it may also reveal important gaps.
Organisations change.
A board that was appropriate when the company had £20 million of revenue may need different expertise when the organisation reaches £100 million.
A founder-led company may eventually need greater independent oversight.
A PE-backed company may need experience of value creation and exit planning.
A rapidly expanding technology business may need directors with international or technology expertise.
Board composition therefore needs to evolve alongside the organisation.
This is one reason NED recruitment should be approached strategically rather than simply as a vacancy-filling exercise.
The objective isn't to find an impressive person.
It's to find someone whose experience addresses a genuine requirement.
And that is where a specialist board recruitment process can add value.
At NED Capital, our Board Governance Hub provides resources covering board governance, Non-Executive Director recruitment, board composition and related areas.
For organisations considering a new appointment, the Board Skills Audit Guide provides a practical framework for identifying what the board actually needs before beginning a search.
So if you're reviewing your board today, consider five questions.
What skills do we already have?
What skills are missing?
What will the business need over the next three to five years?
Do our directors have sufficient independence and diversity of perspective?
And finally:
Does our board culture encourage genuine challenge?
If you can answer those questions honestly, you'll have a much clearer picture of the board you need.
Good governance isn't about adding unnecessary bureaucracy.
It's about creating the conditions for better decisions.
The right board brings together experience, independence, judgement and different perspectives.
And when those elements work together effectively, the board becomes much more than a governance requirement.
It becomes a genuine strategic asset.
If you're reviewing your board governance arrangements, visit the NED Capital Board Governance Hub for our wider collection of resources.
And if you're considering appointing a new Non-Executive Director, start with our guide on How to Conduct a Board Skills Audit Before Hiring a NED.
Because the best NED recruitment starts long before a candidate is contacted.
It starts by understanding what the board — and the business — actually needs.
Thank you for listening to the NED Capital Podcast.
If you're a chair, CEO, investor or business owner looking to strengthen your board, visit NED Capital to explore our board governance resources and specialist NED recruitment services.

Welcome to the NED Capital Podcast, where we explore the issues that matter to chairs, CEOs, investors and business owners when building effective boards.
Today, we're focusing on a specialist area of Non-Executive Director recruitment:
The role of a Private Equity NED.
Private equity-backed businesses can operate in a very different environment from traditionally owned companies.
There is often a clearly defined investment thesis, ambitious growth targets, a relatively focused time horizon and significant expectations around value creation.
That can place particular demands on the board.
And this is where an experienced PE NED can add significant value.
At NED Capital, we provide specialist Private Equity NED Recruitment for private equity-backed businesses and investors looking for experienced Non-Executive Directors.
But what exactly does a PE NED do?
The answer depends on the company, the investment and the stage of the ownership cycle.
However, there are several responsibilities that are common to many PE-backed businesses.
The first is strategic challenge.
Management will normally have a detailed plan for growing the business.
The NED's role is not simply to approve that plan.
They need to test the assumptions behind it.
Are the growth targets realistic?
Is the strategy sufficiently differentiated?
Are management resources adequate?
What are the key risks?
And what happens if the assumptions don't play out as expected?
A strong PE NED can provide an experienced external perspective while still understanding the commercial pressures facing the management team.
The second area is value creation.
Private equity investors ultimately need to generate a return on their investment.
That means the board needs to maintain a clear focus on the factors that drive enterprise value.
These might include revenue growth, margins, recurring revenue, cash generation, operational efficiency, international expansion, acquisitions or improvements to the management team.
A PE NED should understand how these factors interact.
They should also be able to distinguish between activity and genuine value creation.
Growing revenue, for example, isn't necessarily valuable if margins deteriorate or cash conversion suffers.
Likewise, an acquisition may increase the size of a business without necessarily increasing shareholder value.
The board needs to challenge those assumptions.
Another major area is governance.
Private equity-backed businesses often have sophisticated investors and reporting requirements.
The board needs reliable financial and operational information.
Performance needs to be measured against the investment plan.
Risks need to be identified early.
And significant decisions need appropriate scrutiny.
This is particularly important because the board sits between management and shareholders.
The management team is responsible for running the business.
The private equity investor has its investment objectives.
The NED needs to help ensure that the board provides effective oversight while maintaining appropriate governance.
We've produced a detailed guide on The Role of a PE NED which explores these responsibilities in more detail.
One of the most valuable characteristics of a PE NED is therefore experience.
Experience of what?
Ideally, experience of situations similar to those facing the business.
Perhaps they've previously helped a company scale rapidly.
Perhaps they've worked through an acquisition programme.
Perhaps they've prepared a company for an exit.
Perhaps they've dealt with operational restructuring.
Or perhaps they've previously served on the board of another PE-backed company.
That experience can be extremely valuable because private equity investments can move quickly.
Decisions that might take years in a traditional corporate environment can sometimes need to be made within months.
The board therefore needs directors who can operate at pace.
But a PE NED isn't simply an extension of the private equity investor.
Independence and judgement remain important.
The NED should be able to challenge both management and investors when necessary.
That can sometimes require difficult conversations.
Perhaps management believes the company should pursue an acquisition that the investor doesn't favour.
Perhaps the investor is pushing for a strategy that the NED believes creates excessive operational risk.
Perhaps performance is falling behind the investment case.
A strong NED should be willing to address those issues directly.
The relationship with the CEO is therefore particularly important.
The PE NED should support the CEO while maintaining sufficient independence to challenge them.
They may act as a sounding board for strategic decisions, but they shouldn't become a substitute for management.
The same applies to the private equity sponsor.
A good NED understands the investor's objectives but retains the ability to provide independent board-level judgement.
Another area where PE NEDs can be valuable is management and succession.
Private equity investors often place considerable emphasis on the quality of the management team.
The board therefore needs to assess whether the existing leadership team has the capabilities required to deliver the investment plan.
Does the CEO have the right experience?
Does the CFO have sufficient control over the numbers?
Are there gaps in the senior management team?
Will the team remain appropriate as the company grows?
These questions can be uncomfortable, but they are important.
A PE NED can bring an external perspective to those discussions.
Then there is the question of the eventual exit.
From the beginning of the investment, the board needs to understand what could make the business attractive to a future buyer or investor.
That doesn't mean sacrificing long-term business health simply to achieve a short-term exit.
It means understanding what creates sustainable value.
Potential exit routes could include a trade sale, another private equity transaction, a strategic acquisition or, in some circumstances, a public market listing.
The board should therefore keep exit readiness in mind throughout the investment period.
So what should a private equity investor or portfolio company look for when recruiting a PE NED?
Start with the investment thesis.
What is the business trying to achieve?
What are the biggest risks?
What capabilities are already present on the board?
Where are the gaps?
Then identify the experience that would genuinely strengthen the board.
It might be someone with M&A expertise.
It might be a sector specialist.
It might be somebody with experience of international expansion.
It might be a former CEO who has scaled a similar business.
Or it might be someone with deep financial, operational or governance expertise.
At NED Capital, our Private Equity NED Recruitment service focuses on identifying candidates whose experience matches the specific requirements of the investment and the board.
That is important because there is no such thing as a generic “good PE NED”.
The right candidate depends on the business.
A £30 million technology company preparing for rapid international expansion needs something different from a £200 million industrial business pursuing a buy-and-build strategy.
Context matters.
Ultimately, the best PE NEDs combine commercial experience with board-level judgement.
They understand the pressures facing management.
They understand how investors think.
They understand governance.
And they aren't afraid to ask difficult questions.
A good PE NED can help management stay focused, help investors gain better visibility and help the board make better decisions.
If you're interested in understanding the role in greater detail, take a look at our guide to The Role of a PE NED.
And if you're looking to appoint a Non-Executive Director to a private equity-backed business, explore our Private Equity NED Recruitment service.
Because in private equity, the board isn't simply there to oversee the business.
It needs to help ensure that the investment thesis is being translated into sustainable value.
And the right NED can make a significant contribution to that process.
Thank you for listening to the NED Capital Podcast.
If you're an investor, chair or CEO looking to strengthen the board of a private equity-backed business, visit NED Capital to learn more about our specialist PE NED search service.

Welcome to the Accountancy Capital Podcast, where we help businesses build stronger finance teams and help finance professionals advance their careers. In today’s episode, we’re focusing on one of the most critical hires any growing business can make — the Financial Controller.
At Accountancy Capital, we specialise in Financial Controller recruitment across the UK, supporting businesses at every stage, from fast-growing scale-ups to established organisations undergoing transformation.
The Financial Controller plays a central role in any finance function. They are responsible for ensuring accurate reporting, maintaining strong financial controls, and providing the insight leadership teams need to make informed decisions. But beyond compliance and reporting, the modern Financial Controller is a strategic partner to the business.
They improve processes, strengthen cashflow visibility, support budgeting and forecasting, and help prepare businesses for investment, expansion, or exit. In many cases, they also act as the bridge between the finance team and the senior leadership team.
This is where Accountancy Capital can help.
https://www.accountancycapital.co.uk/financial-controller-for-businesses-scaling-internationally/
https://www.accountancycapital.co.uk/financial-controller-after-private-equity-investment/
https://www.accountancycapital.co.uk/first-financial-controller-for-a-growing-business/
https://www.accountancycapital.co.uk/financial-controller-recruitment-after-acquisition/
Our Financial Controller recruitment services are designed to connect businesses with high-quality, experienced finance professionals who can make an immediate impact. We work closely with each client to understand their business model, growth plans, and specific requirements. This ensures we identify candidates who are not only technically capable but also aligned with the company’s culture and objectives.
We support both permanent and interim Financial Controller recruitment. Interim Financial Controllers are particularly valuable during periods of change, such as system implementations, rapid growth, acquisitions, or when immediate financial leadership is required.
Our network includes Financial Controllers with experience across a wide range of sectors, including technology, professional services, manufacturing, and investor-backed businesses. Many of our candidates have experience supporting scaling businesses, improving reporting processes, and preparing companies for investment or acquisition.
A key advantage of working with Accountancy Capital is our specialist focus. We understand the Financial Controller role in depth, and we know what separates an average candidate from an exceptional one. Our recruitment process is designed to identify individuals who bring both technical expertise and commercial value.
For businesses, hiring the right Financial Controller can transform financial visibility, strengthen controls, and support long-term growth. It provides leadership teams with reliable financial insight and allows them to focus on strategic priorities with confidence.
If your business is looking to hire a Financial Controller, or if you are a finance professional exploring your next career move, visit www.accountancycapital.co.ukto learn more about our recruitment services.

Welcome to Governance Unplugged, the podcast where we explore how boards are built, how leaders are chosen, and what it really takes to shape effective governance that drives long-term success. I’m your host, Jamie Parker, and today we’re diving into the people behind one of the UK’s specialist firms dedicated to non-executive director recruitment — Ned Capital.
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🎧 Who is Ned Capital?
At its core, Ned Capital is a specialist recruitment and advisory firm focused on placing non-executive directors (or NEDs), board chairs, and senior fractional executives into organisations that need independent strategic insight and strong governance.
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🤝 Meet the People Behind the Search
Adrian Lawrence — Founder & DirectorLeading the charge, Adrian Lawrence brings a wealth of experience in senior finance and governance-focused executive search. What makes him unique is his first-hand boardroom exposure — from buy-outs to restructuring, exits to accelerated growth phases. Adrian believes the right NED isn’t just a title — they’re a strategic partner who truly moves the needle when it comes to performance, risk oversight, and culture. 
Adrian’s Takeaway: Great board appointments should be aligned with an organisation’s long-term vision — they’re never transactional.
Jodie Garrington — Joint Founder & DirectorAlongside Adrian is Jodie Garrington, who shapes Ned Capital’s recruitment philosophy and client delivery standards. Jodie specialises in deep candidate assessment and relationship management — meaning she doesn’t just fill roles; she matches people to the behaviours, cultures, and dynamics that matter most in a boardroom setting. 
Jodie’s Insight: Understanding the people behind the CV is as important as technical credentials.
Support Team — The Engine Behind the MatchesBehind the scenes, the Ned Capital team keeps the engine running smoothly:
Sarah Partridge ensures the internal governance and operational frameworks are robust — crucial for delivering a seamless search process. 
Sacha Tunks brings market intelligence and research insight to build diverse candidate shortlists across sectors. 
Jessica Lawrence focuses on the client and candidate experience, coordinating interviews, onboarding, and ongoing engagement with professionalism and clarity. 
Each of these roles may seem behind the scenes, but it’s this orchestration that allows Ned Capital to operate with discretion, quality, and impact for their clients.
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📊 Why This Matters — The Bigger Picture
So why does this matter for listeners?
Non-executive directors play a critical part in modern governance — offering independent oversight, challenging assumptions, and helping organisations navigate complexity. 
From private equity-backed businesses to owner-managed companies and NGO boards, the board’s composition can be the difference between stagnation and acceleration.
Closing Thoughts
We hope today’s episode gave you a window into how a specialist firm like Ned Capital operates — not just as recruiters, but as trusted advisors helping to strengthen governance and strategic leadership across sectors.
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If you’d like to learn more about today’s guests — and how to prepare for a non-executive path yourself — check out the show notes for links to resources and the Ned Capital team page.
Visit https://www.nedcapital.co.uk/our-team/

Host: Welcome back to Boardroom Voices, the podcast for founders, CEOs, investors and future board leaders. I’m your host, and today we’re diving into one of the most strategic decisions a company can make — not on the operational floor, but in the boardroom itself.
When we talk about high-performance leadership teams, it’s often about the executive crew driving day-to-day operations. But rising above the daily hustle is the role of the Non-Executive Director — the independent voice in the boardroom who brings strategic perspective, governance discipline, and invaluable oversight. 
Today’s guest — not with us by microphone, but through the work we’re highlighting — is Discover Ned Capital’s Non‑Executive Director Recruitment Services— a specialist partner helping organisations find the right board talent for growth, credibility, and long-term success.
Let’s start with the basics.
🧠 What Is a Non-Executive Director?
A Non-Executive Director, or NED, sits on the board of directors but isn’t involved in daily operations. Instead, they bring independent oversight, ask tough questions, and help shape strategic direction. They don’t manage the business, they steer it. 
This independence is crucial — especially in times of rapid change, investor scrutiny, or scaling for markets like IPO or private equity exits.
🔍 The Value of Recruiter Expertise
Finding the right NED is not just about qualifications. It’s about fit — with your strategic goals, your culture, and the challenges your leadership team faces. That’s where specialist firms like Ned Capital come in.
Rather than a generic job ad, they start with deep diagnostics of your board’s current strengths, gaps and future needs. Then they curate candidates with the right mix of industry experience, governance savvy, and boardroom gravitas. Every search is bespoke, confidential and built around quality outcomes. 
📈 Why Boards Invest in NED Recruitment
So why do companies invest in non-executive search?
1. Balance and PerspectiveA good NED brings objectivity — challenging assumptions without the bias of being inside day-to-day management. 
2. Board CredibilityInstitutional investors, regulators and shareholders place a premium on strong governance. Experienced NEDs boost confidence and credibility. 
3. Strategic ReadinessWhether preparing for a scale-up, acquisition, or IPO, strategic oversight from seasoned directors is a competitive advantage. 
4. Networks & InsightEstablished NEDs often bring wide networks and insight into market, operational, legal and ESG trends — assets that go beyond textbook expertise. 
💡 From Start-ups to Global Boards
Whether you’re a fast-scaling venture, a family enterprise transitioning leadership, or a PE-backed business seeking governance maturity, having the right board composition matters. 
🛠️ How Ned Capital Helps
Ned Capital’s recruitment team works with founders, chairs, HR leaders and investors to deliver board members who are not just qualified, but transformational. They provide:
Confidential, tailored search processes
Alignment to your strategic roadmap
Independent directors with deep sector expertise
Support for onboarding and board dynamics
👉 To explore how NED recruitment can elevate your board, visit:Ned Capital Non‑Executive Director Recruitment
🎙️ Wrap-Up
Thanks for joining Boardroom Voices. 

Hey there, and welcome to Smart Growth, the show where we dive into what’s really fueling today’s most successful startups and growing businesses. I’m your host, Adrian, and today we’re talking finance—but not the dry, spreadsheet-heavy kind.
We’re talking strategic finance. And more specifically, how a Fractional Financial Controller could be the game-changer your business needs.
So if you’re running a growing company, wondering how to tighten financial controls without breaking the bank, stick around. Because today, we’re diving into a solution that’s lean, smart, and built for scale.
Let’s go.
💡 Segment 1: What Is a Fractional Financial Controller? And Why Now?
Alright, so let’s start with the basics.
A Fractional Financial Controller is exactly what it sounds like — an experienced finance professional who works with your business part-time, remotely, or on an as-needed basis.
You get all the value of a senior finance leader — financial reporting, cash flow management, budget oversight, investor readiness — without the full-time salary or overhead.
Perfect for startups, scale-ups, and small businesses that are moving fast but still need rock-solid financial controls.
And here’s the kicker: this isn’t just about keeping your books in order. It’s about gaining clarity, control, and confidence in your financial decisions.
🎯 Segment 2: Why Accountancy Capital?
Now, there are a lot of ways to find freelancers or temp finance help.
But what makes Accountancy Capital’s Fractional Financial Controller service different is simple: they handpick elite finance talent who’ve worked with fast-growth companies — and understand the nuances of scaling.
Whether you're pre-revenue or generating millions in ARR, they’ll match you with someone who gets your world — and can plug in fast.
No long recruitment cycles. No risky hires. Just highly-skilled controllers who can get to work on day one.
📊 Segment 3: What Can a Fractional Controller Actually Do?
Great question.
Here’s what you can expect from the right person in this role:
Build and maintain your financial model
Implement cash flow forecasting
Prepare you for investment rounds
Oversee month-end close and reporting
Liaise with your accountant and stakeholders
Help manage financial risk and compliance
In other words? They bring order to the chaos. And let you — the founder or CEO — focus on growth, product, and customers.
🚀 Segment 4: Ready to Level Up Without Hiring Full-Time?
If you're not quite ready for a full-time Financial Controller — or just don’t need one yet — this is the sweet spot.
Flexible, affordable, and incredibly high-impact.
So if that sounds like what your business needs right now, check out:
👉 accountancycapital.co.uk/fractional-financial-controller
You’ll find everything you need to get started — and speak with someone who actually understands the stage you’re at.
Because smart finance should never be out of reach.