Context
The FCA has published a speech given by Steve Smart, FCA Executive Director of Enforcement and Market Oversight, at the Law Society Economic Crime Conference 2026. The speech draws upon the ‘beehive’ approach to security, inspired by Smart’s visit to the Bank of England Museum’s new exhibition on financial crime.
Key points to note and next actions
- Smart learned how colonies defend themselves by reading signals, sharing information and taking collective action, where every bee gets checked at the door. If something’s off, the colony responds – together, and quickly. Smart sets out that this same instinct and partnership are what the FCA and partners, industry and Society need to fight financial crime.
- The speech comments on ‘what it takes’, what is changing, and what it means for those who are involved in fighting financial crime:
- The FCA is ready to take on anti-money laundering (AML) supervision of the legal and accounting sectors.
- The FCA focus is on criminals, not firms doing the right thing.
- Partnership is key: Regulators, firms and law enforcement need to work together to make the system harder for criminals to exploit.