The government’s plan to introduce a Single Professional Services Supervisor could erode vital legal-sector expertise, warns Mark Evans, president of the Law Society of England and Wales, in NLJ this week
The Financial Conduct Authority is set to take over anti-money laundering (AML) oversight from the Solicitors Regulation Authority, part of a sweeping regulatory reform.
Evans cautions that such a shift risks diluting the nuanced understanding of the legal profession’s unique risks and responsibilities. He urges government and regulators to ensure the transition reduces compliance burdens, not deepens them, and pledges that the Law Society will engage vigorously to protect members as the new supervisory regime takes shape.
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