15 December 2025
There’s been a fair bit of chatter in the sector recently, and for good reason.
The Government recently confirmed that the Financial Conduct Authority (FCA) is set to become the single supervisor for Anti-Money Laundering (AML) and Counter-Terrorism Financing across professional services.
This brings law and accountancy firms under a very different style of oversight from the one they’re used to.
At the moment, firms answer to bodies such as the SRA and ICAEW and will continue to do so until the necessary legislation passes for FCA to take over.
What will change for firms?
Anyone familiar with the FCA’s style of supervision will know it brings a far more demanding approach than the sector has faced so far.
The FCA tends to set firmer expectations around training, documentation, record-keeping and cultural accountability.
It looks for clear evidence that firms understand their responsibilities and act on them throughout the year, not just during a review or audit.
Training will take centre stage
One of the biggest differences is the weight placed on staff training.
Under the FCA model, firms will need to show that everyone working there understands the risks, knows the procedures and can apply them in real situations.
That includes new entry-level joiners all the way through to senior partners. No one will be free from the FCA’s watchful eyes.
Outdated or generic modules won’t make the cut either.
The FCA expects regular, role-specific learning backed by clear evidence that it has been completed and understood.
What should you do to prepare?
A full regulatory transition may still be some distance away, but waiting for the formal handover would leave many firms scrambling.
Early steps will put practices in a far stronger position when the new regime arrives.
Useful starting points include:
If you fail to prepare your firm now, you’ll likely be among those who face last-minute scrambles and reputational damage once the new supervisory approach begins.
Want to make sure your compliance training and reporting won’t leave you red-faced under FCA scrutiny? Check out our Anti-Money Laundering (AML) and Counter-Terrorism Financing courses and book a demo today.