FCA will take on AML oversight ‘by end of 2028’
Summary
The government has indicated that the Financial Conduct Authority will begin taking on anti-money laundering supervision for professional services firms by the end of 2028, with full onboarding expected by mid-2030. The transition is intended to be phased, risk-based and supported by consultation on the future fee model, while existing supervisors remain in place until the FCA assumes responsibility.
Why it matters
Residential property surveyors may be affected where their firms fall within AML supervision arrangements or interact with regulated professional services. The change signals a future shift in oversight, guidance and fee structures that firms should monitor as the regime is developed.
Key points
- FCA AML supervision is planned to start by end-2028 and be broadly complete by mid-2030.
- The transition will be phased and only proceed once systems, training and information-sharing arrangements are ready.
- Existing supervisors will continue to supervise firms and enforce rules until the FCA takes over.
- The government says the new model will be proportionate and risk-based, not a one-size-fits-all approach.
- A consultation on the future fee model will be launched before the FCA assumes responsibility.
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