Yesterday the government announced the long-awaited outcome of the consultation into reforming anti-money laundering and counter-terrorism financing supervision.  

The government have decided to proceed with Option 3: the creation of a Single Professional Services Supervisor (SPSS). The Financial Conduct Authority (FCA) will assume responsibility for supervising legal, accountancy and trust or company service providers for AML/CTF purposes. 

The outcome can be read in full on the government website.  

While, the IFA is disappointed by the decision, we are committed to working with Treasury and the FCA to ensure the transition is as seamless as possible.  

Currently there are no timescales for the transfer of supervision. The IFA understands that there will be further consultation on the next steps and amendments to legislation to go before parliament.  

We will keep all our supervised firms aware of further developments. In the meanwhile, it is business as usual and the IFA remains your AML supervisor under the money laundering regulations. Any questions concerning changes to the supervisory regime should be sent to aml@ifa.org.uk.  

Tim Pinkney
Director of Professional Standards