Regulatory and Conduct News
ICAEW Regulation and Conduct
Protecting the public by ensuring ICAEW regulated firms and members retain the highest standards of professional conduct
This month, we share more information about upcoming PII changes and invite you to ask your questions during a webinar on 21 May. We also highlight common mistakes firms make regarding clients’ money requirements, share a summary of recent disciplinary cases and signpost resources and updates according to your role.
Key reminders and updates
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
We find that a significant proportion of firms that hold clients’ money do not comply with one or more of ICAEW’s Clients’ Money Regulations. To help you not make these mistakes we have highlighted some common areas that firms have problems with.
Last month, we announced upcoming changes to professional indemnity insurance requirements. Find out more details and consider reviewing the details of your current policy to help you prepare for your next insurance renewal date.
ICAEW will present an update on what is changing on 1 September 2024, including what will happen next and how you can prepare. There will also be an opportunity to ask questions during the session.
21 May 2024
13:00 - 14:00
Alan Vallance, ICAEW’s new CEO, believes there is plenty of opportunity for the profession as the way we live and work is transformed.
Following the completion of the last year's Probate Diversity Survey, we are now offering non-probate firms the option to use the same free survey tool. Firms can use the tool to carry out a diversity survey of staff at their firm if they wish to. This is not a regulatory requirement.
ICAEW’s Professional Standards Department has recently made three new senior management appointments. We ask Sophie Wales, Director of Regulatory Policy, Sarah Brook, Director of Investigations, and Nick Reynolds, Head of Audit, about their new roles, and their priorities for the future.
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Anti-Money Laundering
We are looking to speak to money laundering reporting officers (MLROs) at sole practices or smaller firms to inform our anti-money laundering communications and to share knowledge with other MLROs.
Audit
Our quality assurance reviewers have been analysing how firms have adopted the new ISQM1 system. We look at the findings and highlight what we will be looking for in 2024.
Insolvency
The FCA has published a consultation on proposed amendments to its Guidance for insolvency practitioners on how to approach regulated firms. The amendments reflect legal, regulatory and economic changes since the guidance was first published and also seek to improve clarity and provide further information on certain aspects. The deadline for responses is 30 April 2024.
Probate
ICAEW has undertaken a review of its Legal Services Compensation Scheme. We are now inviting you to respond to our assessment of the scheme and a proposal to continue with the current format.
Bishop Fleming is committed to listening to client feedback across all its service lines. In this case study showing how ICAEW probate-accredited firms gauge client satisfaction, Alex Robins, Partner and Head of Trusts and Probate, and Paul Seymour, Chief Marketing Officer, share their insights.