The direction of travel
The SRA’s 1 July 2026 update describes the government’s intended transfer of professional-services AML supervision to the FCA. The proposals include a single register and changes to gatekeeping and guidance approval. Read the SRA transition update
This is a developing transition. An announcement of the intended model is not itself confirmation that a particular firm’s supervisor has changed.
What the update covers
The update describes a risk-based supervisory approach, cooperation and information sharing between authorities, and an intention to limit re-registration burdens. Detailed fees are to be consulted on separately.
Registration deadlines, fees and transfer arrangements need to be confirmed through official instructions. Keep track of the announcements relevant to your firm and assign responsibility for any changes required.
Keep the underlying work ready
While following official instructions, a practice can make its records easier to hand over or explain:
- Maintain a current firm-wide risk assessment and its approval history.
- Keep policies, controls and client and matter assessment procedures connected.
- Identify the people responsible for the process and outstanding actions.
- Keep registration and approval information organised and accessible.
These are practical preparation steps. They do not replace any formal requirements issued during the transition.
Check the latest official position
Confirm the applicable supervisor, timetable, registration process and fees from current official communications before taking action. Revisit the source update rather than relying on a saved summary. Check the official update
Check whether a formal transfer date applies to your firm before changing registration or reporting arrangements.
This guide provides general information, not legal advice. Check the current source material and requirements applicable to your firm. Software does not confer regulatory approval.