The majority of PBSs follow the law, although the quality of their oversight varies.

The evaluation shows that none of the 25 PBSs in charge of supervision in the accounting and legal industries have reached maximum efficacy in every area that was looked at. Compared to prior years, there has been a noticeable decline in the application and effect of enforcement measures, such as penalties. Concerns over the strict enforcement of regulatory measures are raised by this drop.

Furthermore, although a few PBSs have demonstrated progress in providing information and intelligence to regulators and law enforcement, this practice is not widely implemented, which has an effect on the larger battle against the unlawful movement of funds in the United Kingdom.

In response, OPBAS improved its accountability toolbox and gave two PBSs explicit instructions on how to close money laundering loopholes that were found. In order to reinforce the supervisors' functions, OPBAS also released more precise advice on expected outcomes in January 2023, with a strategic emphasis on the areas displaying the biggest shortcomings.

“The FCA is committed to playing a leading role in reducing and preventing financial crime,” said Andrea Bowe, director of experts at the FCA, expressing a firm position on combating financial crime. We have stepped in through OPBAS to address shortcomings where they have been discovered. Still, we are not witnessing the steady, meaningful progress we require.

The principal objective is still to support PBSs' efficacy and consistency in playing a vital role in the fight against financial crime, even while OPBAS continues to hone its supervisory emphasis.