The FCA is set to become the single anti-money laundering supervisor for law firms, accountants and trust and company service providers. Phased FCA supervision is expected to start in late 2028 and finish around 2030. Around 60,000 businesses and sole practitioners will move across.
If you work in compliance at a law firm or accountancy practice, or want to, this is the biggest change to your world in years.
What's changing?
Today, AML supervision for professional services is split between more than 20 bodies. Law firms answer to the SRA or another legal regulator. Accountants answer to bodies like the ICAEW or to HMRC. Each one runs things its own way.
Under the plan, the FCA takes over all of it. OPBAS, the body that oversees those professional supervisors, will close. The government's new AML strategy, published on 15 September 2026, cuts the number of AML supervisors from 25 to three.
When does it happen?
Not overnight. The change needs primary legislation, then secondary legislation, more consultation and a full implementation plan. A law firm briefing published on 30 September 2026 puts the start of phased FCA supervision in late 2028, with the move complete around 2030.
Those dates can still slip. The legislation is long and some of the professions oppose the change. Until the law passes, the SRA, the accountancy bodies and HMRC remain your AML supervisors.
Who's affected?
Three groups:
Law firms and other legal service providers
Accountancy practices
Trust and company service providers, often called TCSPs
That's roughly 60,000 businesses and sole practitioners, from large City firms to one-person practices.
What will be different for firms?
Tougher fit and proper checks. The FCA's tests are expected to cover beneficial owners, officers and managers, which goes further than many professional bodies check today.
New fees. The government plans to fund the setup through the Economic Crime Levy. After that, supervised firms will pay fees to the FCA.
A public register. The FCA will keep a public list of the firms it supervises.
A different style of supervision. The FCA says it will take a risk based approach, but firms should expect closer scrutiny of their AML controls than many get now.
Legal professional privilege stays protected. The FCA won't be able to force a firm to hand over privileged material.
What does this mean for compliance jobs?
This is where it gets interesting for anyone building a career.
Most law firm and accountancy compliance teams have only ever dealt with their professional body. Very few have been through an FCA visit. People who know how the FCA works, from banks, fintechs and investment firms, are likely to become much more attractive to professional services firms. That opens a route that hardly existed before.
It works the other way too. If you already work in AML at a law firm or accountancy practice, learning the FCA's approach now puts you ahead of your peers when the switch comes.
We'd expect demand to rise for MLROs, money laundering compliance officers, AML analysts and risk staff across professional services as 2028 gets closer. Firms that wait until the last minute will be competing for the same small pool of people.
It also lands on top of another change for law firms. The SRA's rules separating the COLP and COFA roles from management decision making are expected to start in early 2027. We covered what that means in our guide to moving from paralegal to compliance.
What should firms do now?
Don't wait for the legislation. Test whether your AML framework would hold up under FCA scrutiny. Look hard at your firm wide risk assessment, what management actually sees in its reporting, staff training and who owns AML decisions. Gaps you find now are much cheaper to fix than gaps the FCA finds later.
For the wider picture, read our breakdown of the AMLAR strategy 2026 to 2029.
Looking for your next role?
Law firms and professional services firms already advertise AML and conflicts roles on our board. Browse compliance officer jobs, MLRO jobs and AML jobs. Every role goes straight to the employer, with no recruiter in the middle.
New to the field? Start with our guides to jobs for law graduates and the skills a law firm conflicts analyst needs.
Hiring AML staff before the change? Post your role and candidates apply straight to you.
FAQs
When will the FCA take over AML supervision of law firms?
Phased FCA supervision is expected to start in late 2028 and finish around 2030. The dates depend on legislation that hasn't passed yet.
Will the SRA still regulate law firms?
Yes. The change covers AML supervision. The SRA keeps its wider role regulating solicitors and law firms.
How many firms are affected?
Around 60,000 law firms, accountancy practices, trust and company service providers and sole practitioners.
Is the change certain?
Not yet. The government has confirmed the plan, but it still needs legislation and further consultation, and some of the professions oppose it.
Read next: What Makes a Good MLRO in 2026: The Qualities Firms Actually Need.