The Changing Landscape of Legal Regulation: Preparing for FCA Supervision
The proposed transfer of Anti-Money Laundering (AML) supervision from the Solicitors Regulation Authority (SRA) to the Financial Conduct Authority (FCA) represents a monumental regulatory shift for the UK legal sector.
Far from a routine administrative change, this transition introduces a completely different supervisory philosophy where governance, challenge, and demonstrable oversight are paramount.
In my latest article published on the ICA Insight platform, I examine the structural tensions this move creates. I look specifically at how traditional SRA "deemed approved" compliance roles contrast with formal FCA SMF approvals, and analyze why the recent SRA v Coates tribunal ruling highlights a "reliance on others" defence that simply won't survive under the FCA’s strict SM&CR expectations.
