FCA tells solicitors AML handover will be proportionate partnership, not one-size-fits-all
Speaking at the Law Society economic crime conference on September 17, 2026, FCA financial-crime lead Stephen Smart said the Financial Conduct Authority will engage more closely with law firms before it assumes anti-money-laundering supervision from the SRA and other bodies from end-2028, with transition expected through 2030. Smart pledged a proportionate, technology-enabled approach and rejected a one-size-fits-all paperwork burden as the Financial Services and Markets Bill advances.
Key points
- FCA is due to take over AML regulation of solicitors from the SRA and other supervisors at end-2028, with handover expected to complete by 2030.Law Gazette
- Stephen Smart told the Law Society conference the FCA will not take a one-size-fits-all approach or overload firms with requests and paperwork.Law Gazette
- Smart said the FCA wants a partnership model with the legal sector once baseline compliance is in place, focused on impact against criminals.Law Gazette
- As of April 2025, 5,569 law firms were in scope of the money-laundering regulations, including more than 1,000 sole-solicitor firms.Law Gazette
- HM Treasury’s three-year AML strategy, published the same week, promises more consistent, intelligence-led supervision and foreshadows consultations on stronger visit and search powers.Law Gazette
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