UK FCA Sets 2028–2030 Timeline for Taking Over AML Supervision of Legal, Accountancy and TCSP Sectors

The UK Financial Conduct Authority has set out a provisional timetable for becoming the anti-money laundering and counter-terrorist financing supervisor for legal, accountancy, and trust and company service providers, with the first transfers expected from autumn 2028 and the phased transition likely to complete around 2030.

The reform is expected to affect around 60,000 businesses and sole practitioners. The FCA estimates this population includes approximately 34,000 accountancy businesses and 7,500 law businesses currently supervised by professional body supervisors, plus around 18,000 accountancy businesses and trust and company service providers currently supervised by HM Revenue & Customs. The FCA notes that these figures remain estimates and may change as the transition plan develops.

The change will consolidate a substantial part of the UK’s professional-services AML/CTF supervision under the FCA. The government previously decided that the FCA should take over responsibility from the existing 22 private-sector Professional Body Supervisors and certain parts of HMRC’s AML/CTF supervisory role.

No immediate change to current supervision

The FCA says affected businesses do not need to take action now. Firms should continue to comply with their existing AML/CTF obligations and remain supervised by their current supervisor until the transfer takes effect.

The new regime requires legislation. The government plans to make the necessary legal changes through the Financial Services Bill and secondary legislation, including amendments to the Money Laundering Regulations.

Planned transition

During 2026, the FCA is continuing engagement with professional bodies, HMRC and affected sectors while developing its future supervisory approach. It expects further design and implementation work to continue through 2027 and 2028 before supervision begins to transfer in phases from autumn 2028.

The FCA says its future model will be risk-based, targeted and proportionate. It also plans to build sector-specific expertise for the legal and accountancy professions, including expertise relevant to the distinct legal systems in England and Wales, Scotland, and Northern Ireland.

Professional bodies will continue to have responsibilities outside AML/CTF supervision. The reform therefore changes the AML supervisory authority rather than replacing the broader professional regulation of lawyers and accountants.

For trust and company service providers currently supervised by HMRC, the change is particularly significant because AML/CTF supervision will ultimately move to the FCA once the relevant transition phase is implemented. Until then, existing HMRC registration and supervision requirements continue to apply.

Sources

Financial Conduct Authority — Anti-money laundering supervisory reform

HM Treasury — AML/CTF Supervision Reform: Duties, Powers and Accountability