Powered by Lexis+®
Jurisdiction(s):
United Kingdom

Preparing for FCA AML supervision of UK law firms: evidence, data and accountability under HMT's single-supervisor reform

Published on: 21 January 2026

Published by a Law360 reporter
Legal News
imgtext
Article summary

This consultation

This consultation, which closed on 24 December 2025, examined a range of issues concerning the Financial Conduct Authority taking on AML/CTF supervision of professional services firms. It sets out the core duties, powers and accountability arrangements the FCA would need to supervise law and accounting firms effectively, as well as the legislative amendments required to deliver the reforms. It is not about sector-specific guidance or a rulebook; the focus is the architecture of FCA powers. The consultation followed HM Treasury’s response, issued on 21 October 2025, to its earlier review of the UK’s AML/CTF supervision regime. That response confirms the FCA will become the single AML/CTF supervisor for professional services, including law and accounting firms, replacing the existing model of sectoral professional-body oversight, led in the legal sphere by the Solicitors Regulation Authority. The Law Society has strongly opposed the change. For law firms, the decision seeks to address concerns about fragmented AML supervision and signals a significant shift for the profession. While the overall direction is now set, the practical effect on firms will turn on how the transition is managed and the detail of the FCA’s...

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

Popular documents

When evaluating a general damages claim, the practitioner ought initially to refer to the Judicial College Guidelines (JCG)...

Read More Right Arrow

This Practice Note This Practice Note reviews mechanisms used in settling litigation. A Tomlin order consists of a consent order paired with a schedule. It operates to stay proceedings on terms that have been agreed. The provisions contained in the schedule may remain confidential. This Practice Note describes the scope of confidentiality attaching to the schedule and sets out how it differs from a standard consent order. Sample wording for a Tomlin order is included, alongside links to precedents, as well as guidance on court approval. It also addresses varying, setting aside and enforcing a Tomlin order, including the considerations the court will take into account when handling applications for each. Further guidance is provided on interpreting and applying the relevant provisions of the CPR; however, some courts and divisions impose very specific requirements for both drafting and approval, and for approaching the schedule and confidentiality issues. Accordingly, you must consider the particular rules and court guide provisions in the forum where your claim is proceeding when drawing up the Tomlin order...

Read More Right Arrow

Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

Read More Right Arrow

I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

Read More Right Arrow