What the FCA Takeover of AML Supervision Means for Will Writers and Estate Planners
Updated: Aug 3
The UK’s AML landscape is about to change significantly - and although most commentary so far has focused on accountants and lawyers, the reforms will have direct consequences for will writers, estate planners, and TCSPs.
HM Treasury has confirmed that the Financial Conduct Authority (FCA) will become the single professional services supervisor (SPSS) for AML/CTF, taking over from the professional body supervisors. This is one of the most substantial shifts in AML oversight in over a decade.
So what does this mean in practice for firms working in wills, probate, and estate planning?
1. Why the FCA is taking over supervision
The move is driven by long‑standing concerns raised by the Financial Action Task Force (FATF). FATF’s evaluation of the UK highlighted:
Fragmented supervision across the numerous bodies currently acting
Inconsistent standards
Weak gatekeeping in some sectors
Limited enforcement powers in others
To address this, the Government is consolidating AML supervision under the FCA - an organisation known for data‑driven, risk‑based regulation.
2. Your AML obligations won’t change - but expectations will
The Money Laundering Regulations (MLRs) remain the same. However, the standard of evidence expected under FCA supervision is likely to be higher.
Expect the FCA to focus on:
Quality of CDD (not just whether it exists)
Source of funds and source of wealth documentation
Risk assessments that are genuinely risk‑based
Governance and accountability within small firms
Ongoing monitoring, not one‑off checks
File quality and record‑keeping
For many will writing firms, this will require tightening processes and improving documentation.
3. More intrusive supervision is coming
Firms can expect:
Proactive inspections
Thematic reviews
Requests for data and MI
Skilled Person Reviews for serious failings
Public enforcement outcomes
This is a cultural shift. The FCA will expect firms to be able to demonstrate compliance, not simply assert that they are it.
4. Gatekeeping will become stricter
The FCA will introduce:
Fit‑and‑proper assessments
More rigorous registration checks
This will raise the bar for entry into the sector - something reputable will writers and estate planners will welcome.
5. Estate planning is not 'low risk' area
The FCA already treats TCSPs as inherently high‑risk. Estate planning work often overlaps with:
Vulnerable clients
Family disputes
Complex asset structures
Overseas assets
Trust creation
High‑risk executors or beneficiaries
Under FCA supervision, firms will need to evidence how they identify and mitigate these risks.
6. What firms should do now
Even though the transition timeline is not yet finalised, will writers and estate planners should start preparing.
Practical steps to take now:
Review and update your firm‑wide risk assessment
Strengthen CDD and EDD procedures
Improve SOF/SOW documentation
Ensure your AML policy is up to date and tailored
Train staff on risk‑based decision‑making
Tighten record‑keeping and file structure
Document vulnerability assessments clearly
Firms that prepare early will find the transition far smoother — and will be in a stronger position if the FCA begins thematic work in the sector.
7. The opportunity for the sector
While the shift may feel daunting, it also presents a real opportunity.
FCA supervision will:
Raise professional standards
Improve public trust in will writers
Create a more level playing field
Reduce the influence of firms who are not operating as they should
Firms that invest in compliance now will stand out as credible and trustworthy.
If you’re unsure what these changes mean for you and your business, or you want confidence that your AML framework will stand up to FCA‑style scrutiny, WillComply can help. We support will writers, estate planners and TCSPs with practical, implementation‑ready compliance - from policies and risk assessments to training. If you’d like expert guidance, get in touch and we’ll help you get future‑ready.
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