On 21 October 2025, HM Treasury published a Consultation Response providing details of responses to its 2023 consultation on the reform of the anti-money laundering/ counter-terrorist financing (AML/CTF) supervision regime and confirming that the Government has decided that the Financial Conduct Authority (FCA) should become the single professional services supervisor for AML/ CTF. In our latest briefing, we set out some key takeaways from the Consultation Response, as well as practical steps that relevant firms can be taking now to get ready for FCA supervision.