The move to FCA supervision represents a further shift from ‘Show us your procedures’ to ‘Show us that your controls work’.
Summary
The article outlines a proposed shift of AML and counter-terrorist financing supervision from the SRA and other professional body supervisors to the FCA. It says firms should prepare for a more data-led supervisory approach that focuses on whether controls are operating effectively, not just whether policies exist on paper.
Why it matters
Residential property surveyors involved in conveyancing-adjacent work, compliance oversight or firm management may be affected by changing AML expectations and evidence requirements. The piece also highlights broader implications for governance, file review, and risk data that could influence professional practice and lender/insurer scrutiny.
Key points
- AML and CTF supervision may move from the SRA to the FCA, subject to legislation and implementation.
- The FCA is described as taking a more evidence-based, data-led approach to supervision.
- Firms are advised to review firm-wide risk assessments, policies, monitoring and audit arrangements now.
- The article emphasises the need to demonstrate that AML controls work in practice.
- Better compliance infrastructure may also help with insurer, lender panel and wider risk management requirements.
This is an RPSA summary of a publicly available article. The full content remains with the original publisher.
