The government’s decision to make the Financial Conduct Authority (FCA) the Single Professional Services Supervisor marks a watershed in the UK’s fight against money laundering, says Rebecca Hughes of Corker Binning in this week's NLJ. The FCA will now oversee 60,000 firms across legal and accountancy sectors—a massive expansion of remit that raises questions over resources and readiness
While the FCA brings data-driven strength and enforcement muscle, it must adapt its prescriptive model to professions used to autonomy and principle-based regulation. Dual oversight and potential overlap with conduct regulators could create confusion and cost.
Centralisation may bring consistency, but a one-size-fits-all approach risks alienating practitioners. As Hughes notes, success will depend on the FCA’s capacity to balance robust, risk-based supervision with proportionality—a true test of adaptability for the regulator now at the centre of the UK’s AML framework.
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