The UK’s anti-money laundering landscape is undergoing its biggest change in a decade. On 21 October 2025, the government confirmed that the Financial Conduct Authority (FCA) will take over from the Solicitors Regulation Authority (SRA) and other professional body supervisors as the Single Professional Services Supervisor (SPSS) for AML and counter-terrorist financing.
This shift will unify AML supervision for law firms, accountants, and trust and company service providers under one regulator for the first time. The goal? Simplified oversight, consistent expectations, and stronger coordination with law enforcement. But while the destination is clear, the journey will take years. Nevertheless, firms should use this transition window wisely.
Our new guide, From the SRA to the FCA: What the Single Professional Services Supervisor Means for Your Firm, explains:
- What’s been announced and what remains uncertain
- The legislative and transition timeline through to 2029
- Key differences between FCA and SRA supervision
- How to prepare firm-wide AML frameworks, governance, and training
- Practical actions MLROs and MLCOs can take now
Early preparation is key. The FCA’s approach will demand stronger data, governance, and evidence than ever before. Firms that start reviewing policies, cleaning client data, and documenting decision-making now will be best placed to demonstrate compliance — and avoid disruption — when the new regime arrives.