Introduction#
The FCA will become the single AML supervisor for legal and accountancy services and for trust or company service providers. It will replace OPBAS and the professional-body supervisors. The change needs primary legislation. The Government expects the first firms to move before the end of 2028, and all firms in scope by mid-2030.
How it got here#
18 June 2026. HM Treasury's response to its consultationThe stage where a draft law or rule is published for comment before it is adopted — the one moment arguments can still shape the text. National systems name it differently; Swiss practice says Vernehmlassung for statutes, Anhörung for regulators' rules. confirmed the reform. Timing depends on primary legislation.
7 September 2026. Replying for the Government at the Lords Report stage of the Financial Services and Markets Bill, Lord Pitt-Watson set out the current expectation:
- the first businesses will be supervised by the FCA before the end of 2028;
- firms will move in phases, with the broad aim that all are supervised by the FCA by mid-2030;
- the move will go ahead only when preparations are complete;
- existing supervisors will supervise and enforce until handover, with OPBAS overseeing them;
- the FCA will consult on its fee model before it takes on these sectors.
The Government declined amendments that would have put an implementation timetable in statute. The Bill completed its Lords stages on 15 September 2026 and has had only its first reading in the Commons.
The AML and Asset Recovery Strategy 2026–29 (CP 1677) lists the reform as Action 9. Its owners are HM Treasury, the FCA, HMRC and the professional-body supervisors. It says legislation will be laid in 2027/28, subject to parliamentary time, with business moving to the FCA in 2028/29.
What comes next#
Medium term (to April 2028)
- 2027/28. Legislation laid, subject to parliamentary time.
Long term
- Before the end of 2028. The first firms supervised by the FCA, on the Government's current expectation.
- By mid-2030. All firms in scope supervised by the FCA, on the same expectation.
No date yet
- The FCA's consultationThe stage where a draft law or rule is published for comment before it is adopted — the one moment arguments can still shape the text. National systems name it differently; Swiss practice says Vernehmlassung for statutes, Anhörung for regulators' rules. on its fee model for these sectors.
Open questions#
- Which legislation will carry the change, and when will it be laid?
- In what order will sectors and firms move to the FCA?
- What will the FCA charge?
What this is not#
- It is not a statutory timetable. The dates are the Government's current expectation, and it declined to put them in law.
- Nothing changes for a firm yet. Its existing supervisor supervises and enforces until handover.
Reading#
Primary
- AML/CTF supervision reform: consultation and Government response, HM Treasury
- Financial Services and Markets Bill, Lords Report stage, Hansard, 7 September 2026
Ours