MP Phil Brickell calls for FCA to oversee lawyers AML activities, aiming to streamline fraud-fighting efforts
A campaigner MP has argued that shifting the supervision of lawyers’ anti-money laundering (AML) activities to the Financial Conduct Authority (FCA) will enhance the UK’s ability to combat fraud effectively. Phil Brickell, the Labour MP for Bolton West and chair of the All-Party Parliamentary Group on Anti-Corruption and Responsible Tax, expressed his support for the Treasury’s decision to move AML oversight from legal regulators to the FCA.
Speaking at a recent event alongside the UK Anti-Corruption Coalition, Brickell emphasised that fraudsters often exploit weak spots in the UK economy, with AML inconsistencies in sectors like law and accountancy posing significant risks. He pointed out that criminals tend to leverage legal systems to launder illicit gains, exploiting loopholes within the regulatory framework.
“The FCA already supervises much of the financial services sector, so it makes sense for lawyers and accountants to fall under their remit,” said Brickell. “With the FCA’s expertise in anti-money laundering, we can address inconsistencies in due diligence and ‘know your customer’ checks.”
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Having worked in the banking sector for over a decade tackling financial crime, Brickell praised the FCA’s deep understanding of financial crime typologies and suggested that the consolidation of AML oversight under the FCA would address the current fragmentation in regulatory approaches.
“There’s a lot of overlap in the current regulatory framework, and that leads to inefficiencies,” he explained. “The FCA’s focus on AML could streamline efforts, improve intelligence sharing, and tackle the systemic issues we face.”
The move comes in the wake of growing concerns about the misuse of the English courts by individuals with dubious intentions. Brickell also discussed the rising use of strategic lawsuits against public participation (SLAPPs), where the wealthy and powerful leverage legal systems to silence critics. While acknowledging the importance of legal representation, Brickell warned that lawyers must ensure their professional responsibilities are met and not facilitate bad-faith actors.
“The English legal system is being used as both a shield and a sword,” said Brickell. “We must ensure that those seeking to use it for intimidation or to stifle free speech are held accountable.”
In addition to Brickell’s comments, Lloyd Hatton, another MP at the event, called for more robust legislation to address SLAPPs, emphasising that the Solicitors Regulation Authority (SRA) must be empowered to take stronger action.
“The SRA needs clearer legislation to deal with these cases, and Parliament must step up to ensure that SLAPPs are a thing of the past,” Hatton said. “The courts should never be used to silence critics or undermine free debate.”
As the debate continues, both MPs agree on one crucial point: the UK’s professional services sector must be protected from exploitation, with law firms playing a key role in ensuring a clean and ethical economy.