On 21 October 2025, HM Treasury (HMT) published its response to its 2023 consultation on reform of the anti-money laundering/counter-terrorist financing (AML/CTF) supervision regime.

The consultation response summarises the responses from stakeholders and sets out the government’s decision to consolidate responsibility for AML/CTF supervision of legal, accountancy and trust and company service providers through the creation of the Single Professional Services Supervisor. The Financial Conduct Authority (FCA) will assume responsibility for this, carry out these functions independently of HMT and will be provided with the powers necessary to do this role.

This consolidation will require the passing of certain legislation and so the date on which the FCA will begin supervising of the professional services sector in this way will be dependent parliamentary timing. However, HMT have made clear that in terms of next steps that it will publish a separate consultation on the powers that the supervisor should have in early November.