FCA as Single AML Supervisor for Accountants: What Changes

For years, UK accountancy firms have been supervised for anti-money laundering by one of several bodies: HMRC or one of the professional bodies such as ICAEW, ACCA or AAT. The government has now decided to replace that patchwork with a single supervisor. This guide explains what has been decided, what is still unknown, and what practical steps a firm can take while the detail is settled. It builds on our overview of AML supervision for accountancy firms.

What the government decided

In October 2025, HM Treasury published its response to the consultation on reforming AML and counter-terrorist financing supervision. It chose a "Single Professional Services Supervisor" model, and the Financial Conduct Authority (FCA) will carry out the new supervisory functions, acting independently of the Treasury.

The FCA will supervise firms carrying out activities within the Money Laundering Regulations as legal service providers, accountancy service providers and trust and company service providers. The response is explicit about HMRC: it says all accountancy service providers and trust and company service providers supervised by HMRC will be supervised by the FCA. Firms currently supervised for AML by a professional body will move too. The professional bodies keep their wider regulatory and representative roles, such as overseeing professional standards, but not their AML supervisory role.

The Treasury expects the new supervisor to oversee approximately 60,000 regulated firms. OPBAS, the Office for Professional Body Anti-Money Laundering Supervision, sits within the FCA today. Once professional bodies no longer have a formal AML role, the government says OPBAS's existing function will no longer be needed.

What has happened since

A Lewis Silkin briefing dated 26 June 2026 summarises HM Treasury's consultation response, published in June 2026. It says enforcement powers under the Money Laundering Regulations 2017 will be extended to the FCA for these firms, and that the "fit and proper" requirements in regulation 58, which test the owners, officers and managers of some supervised businesses, will be extended to legal and accountancy service providers. The government also intends to legislate for ongoing information-sharing between the FCA and the professional bodies and a permanent duty to cooperate.

When will it happen?

There is no fixed start date. The government's response says implementation needs primary legislation and that the start of FCA supervision is "heavily dependent on the availability of parliamentary time". The Lewis Silkin briefing quotes the Treasury as saying implementation "will inevitably take several years". The UK's AML and Asset Recovery Strategy 2026 to 2029, published on 15 September 2026, points to the main transition happening around 2028 to 2029, according to law firm summaries of the strategy. Our guide to the strategy explains what else it says. Legislation is still needed, so that timing could change.

Until the transfer, nothing changes in practice. Professional bodies and HMRC keep their current supervisory responsibilities, and OPBAS continues to oversee the professional bodies.

Fees and funding

The Treasury says it will provide implementation funding directly to the FCA, and that once operational the FCA's activities will be funded by fees levied on the firms it supervises. According to Lewis Silkin, the FCA will consult separately on its fee model, and no fee amounts have been given. Respondents to the consultation warned that firms could face duplicated charges if they pay both a professional body and the FCA. The Association of International Accountants (AIA) has said it expects higher costs and more bureaucracy, particularly for smaller firms and sole practitioners.

The debate

Not everyone welcomed the decision. The AIA opposed it and favoured an alternative called OPBAS+, which would have kept professional body supervision and strengthened OPBAS. It says 89% of accountancy and legal respondents backed that option. It also warned of transition risks, including gaps or delays as data and live cases are handed over, and the loss of sector expertise. These are the positions of a body with a stake in the outcome, so read them as one side of the argument. They are useful for firms because they point to the practical risks to prepare for.

What your firm can do now

• Keep your current supervisor relationship working. Registration, fees, returns and visits continue as normal until the law changes.
• Tidy your documentation. Your HMRC registration details, business risk assessment, policies and training records should be current and easy to evidence. A new supervisor will start from what it can see on paper.
• Review governance and fitness. Lewis Silkin advises checking the roles of beneficial owners, officers and managers, and being able to show competence and compliance history, because fit and proper tests are being extended.
• Budget for fees. Costs are unknown, but the funding model is full cost recovery from supervised firms, so allow for a change.
• Watch for guidance. HM Treasury and the FCA will publish more on transition, powers and fees.

Frequently asked questions

Does this affect firms supervised by HMRC?

Yes. The government's response says accountancy service providers and trust and company service providers supervised by HMRC will move to the FCA. Other HMRC-supervised sectors were not named in the decision.

Do I need to change anything today?

No new obligations have taken effect. Keep complying with the Money Laundering Regulations and your current supervisor's requirements.

Where can my team get training on these changes?

See Learnsignal's CPD courses for finance professionals for financial crime and compliance training.