The Association of Chartered Certified Accountants (ACCA) has voiced strong concerns over the UK government’s plan to transfer anti-money laundering (AML) supervision from professional bodies to the Financial Conduct Authority (FCA). This shift to a Single Professional Services Supervisor (SPSS) model could heighten economic crime risks and impose heavier burdens on firms, according to ACCA experts.
Government Announces AML Reform
In October 2025, HM Treasury confirmed the FCA as the SPSS for AML/CTF supervision over accountancy, legal, and trust sectors, moving away from the current 22 Professional Body Supervisors (PBS) like ACCA and HMRC for non-members. The decision aims to simplify a fragmented regime, align professional services with other sectors under public oversight, enhance consistency, and boost intelligence-sharing with law enforcement. Proponents argue it strengthens enforcement, citing FCA’s track record of nearly £1.1 billion in AML penalties from 2015-2025.
A December 2025 HM Treasury consultation seeks input on FCA’s duties, powers, and accountability, including risk-based approaches using data analytics for high-risk firms. Legislation awaits parliamentary approval, with transition involving OPBAS, HMRC, and PBS for data transfer and risk management—no firm date set, but no immediate changes for supervised entities.
ACCA Highlights Key Risks
ACCA warns the transition risks increased economic crime as sector-specific expertise from PBS is lost, taking years for FCA to replicate amid high review volumes. Stefan Pegram, ACCA’s director of regulation and conduct, noted potential membership drops due to dual FCA/PBS fees and oversight, confusing clients on accountants’ ethical standards. Firms face dual regulation burdens, contradicting government aims to cut red tape, with Wesley Walsh, ACCA’s Head of AML & Operations, decrying unjustified costs in tough economic times.
Maggie McGhee, ACCA’s executive director of strategy and governance, called the shift a “huge administrative challenge” risking data issues and weakened enforcement, as professional bodies tailor guidance to diverse firms from sole practitioners to multinationals. ACCA’s response to HMT emphasized upholding standards for non-PBS firms and criminal risks if AML oversight lapses.
Impacts on Accountancy Sector
Accountancy firms, key to UK growth per industrial strategy, face higher fees—ACCA’s current AML charges lower than HMRC’s—plus complexity from fragmented oversight. The reform could erode professional standards, with non-members losing competence checks, potentially exploiting criminals during FCA’s buildup. Dual fees and supervision may deter small firms from PBS membership, blurring regulatory clarity for public and businesses.
Broader effects include disrupted supervision timelines, intelligence gaps, and enforcement delays, as FCA absorbs AML/CTF guidance roles and SAR sharing with NCA. ACCA commits to aiding implementation but prefers enhanced OPBAS+ model leveraging PBS strengths, rejected despite majority consultation support.
Industry Reactions and Context
Other bodies echo concerns: AIA warns of weakened defenses without profession-specific insight; Law Society and CILEx note process changes ahead. OPBAS’s 2023-2024 reports flagged PBS weaknesses like inconsistent risk assessments but praised compliance gains. Government counters that centralization mirrors other MLR sectors, improving navigability.