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
In this issue, we give our advice on avoiding common breaches, introduce the newly appointed ICAEW Regulatory Board Chair and provide a range of resources and webinars that are relevant 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.
Paul Brooks has been appointed as the new chair of the ICAEW Regulatory Board, with Catherine Boyd and Kaysen Pyndiah also appointed as new members.
ICAEW’s Conduct Department regularly investigates cases where members and firms are failing to meet basic requirements. We highlight how mistakes are often linked and offers advice on how to avoid them.
Hear about real life examples where the licence can be used. Includes practical examples of how to stay compliant.
Find out what our reviewers learned in more than 1,300 on-site monitoring reviews and hear guidance on how to avoid making similar mistakes. We will cover the results of our findings plus the results of our focus on AML issues.
Make sure you are ready for changes coming in September. View frequently asked questions and check your policy renewal date.
Audit
We summarise what our Quality Assurance Department is looking for in this area, which issues would cause concern and how engaging with our reviewers can help you avoid recurrences.
Respond to our proposal that firms should notify us when appointed as the auditor of certain entities. Deadline 6 September.
Anti-money laundering
ICAEW's new guide and dedicated web pages for new and existing money laundering reporting officers (MLROs) to enable you to fulfil your role effectively and break it down into manageable tasks.
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During ICAEW’s recent anti-money laundering (AML) webinar on customer due diligence (CDD) in practice, viewers highlighted a range of issues. We pick out some common themes, and ICAEW’s AML team provides responses to key questions.
The July 2024 updates include the addition of risks and red flags around proliferation financing and crypto-assets, as well as further details on the risk of trust and company services.
Insolvency
Under the Joint Insolvency Committee’s (JIC’s) strategic work plan, Insolvency Guidance Papers (IGPs) are subject to periodic review to ensure they remain relevant to changing legislation and market conditions. In 2024 all of the IGPs are being reviewed and this notice is to advise you of the changes that have been approved by the JIC to date.
Insolvency practitioners (IPs) are making some common mistakes during the preparation of statements of affairs and deficiency accounts. In a previous article, we offered some tips on how to prepare accurate and compliant statements of affairs. Here we focus on deficiency accounts.
This series of events will ensure that you are aware of the current insolvency and monitoring visit hot topics, and up to date with recent corporate and personal legal cases affecting practitioners.
We are delighted that our Director of Quality Assurance, Bob Pinder, has been selected as a judge at the TRI Awards to recognise excellence in the fields of turnaround, restructuring, and insolvency.
Probate
The Regulatory Policy team for the ICAEW Professional Standards Department is creating a reference group for legal services. We welcome expressions of interest from ICAEW accredited legal service practitioners.
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose no change to 2025 probate registration fees for firms with 5 or fewer principals, and a 3% increase for all other firms.
Consumer guides
Our consumer guide will help your clients navigate the probate process. This guide will answer common questions about the responsibilities and the probate process.