Following consultation on reform of AML monitoring, the government is transferring all supervision responsibilities to the Financial Conduct Authority (FCA).

The 2023 consultation on reform of supervision proposed three options, including setting up a brand new supervisory body for accountancy and professional services firms, strengthening the current rules.

Despite strong opposition, the Treasury has confirmed a single professional services supervisor (SPSS) approach will be adopted, and the FCA will take over monitoring and supervision from the existing 22 professional bodies, including ICAEW, ICAS, ACCA and HMRC.

The move was criticised by all the leading professional bodies.