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 cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT, invite you to apply for a range of remunerated roles on our regulatory and disciplinary committees and signpost updates and resources relevant to your role.
Key reminders and updates
We cover some of the professional ethical implications you need to consider when using Generative AI tools such as Chat GPT.
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.
Find out what expertise we are looking for, remuneration rates for accountant and lay members are and how to express your interest.
Eligible firms have free access to Bloomsbury Professional’s comprehensive online library, comprising more than 60 titles from some of the country’s leading tax and accounting subject matter experts.
Find out what our firms thought of the monitoring review process in 2023.
'Identifying the risks that face your business is the first step to understanding how to manage and mitigate them.' ICAEW Professional Indemnity Insurance Manager, Sarah-Jane Owen discusses asset risk in this short recording.
The 2024 Corporate Governance Code features minimal changes, mostly relating to risk and internal controls.
Anti-money Laundering
Assist the Department of Business & Trade and Companies House in evaluating the usage of corporate transparency information by businesses adhering to UK Money Laundering Regulations.?
From 2pm on 4 March 2024 users will no longer be able to log in to the UKFIU's old reporting portal. Ensure any draft suspicious activity reports are submitted or transferred to the new system by this date.
Invaluable guidance for money laundering reporting officers and anyone involved in the submission of suspicious activity reports (SARs) to the National Crime Agency (NCA). Please note this will be a live webinar only - a recording will not be available after the session.
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DPB (Investment Business)
If your firm receives referral fees or commissions, you must comply with rigorous client consent and notification requirements. We look at the processes you need to follow and highlight some common pitfalls.
Insolvency
The Insolvency Service is delivering a more?modern,?flexible, and?reliable?case management system that is better integrated with internal and external systems, and that automates repetitive tasks.
Statement of affairs and deficiency accounts – back to basics and some useful reminders.
Follow HMRC’s process outlined in its recent insolvency guidance when practitioners need to record tax and National Insurance due on a dividend paid to the former employees of an insolvent entity.
Access HMRC's latest insolvency guidance with information about tax returns and payments in administrations and what process to follow relating to how tax may arise.
Probate
HM Courts & Tribunals Service is temporarily changing their probate helpline hours from 14 Feb to 9-1pm, Monday to Friday.
The UK Government’s Justice Select Committee wanted to hear from professional and individual users about their experiences of applying for probate and using the Probate Registry. Find out our response after including feedback from affected users on their experiences.
Interested in sharing your thoughts on EDI within the legal profession?
On behalf of the Legal Services Board, The Social Change Agency is researching into equality, diversity and inclusion (EDI) and social mobility in the legal profession, including ICAEW probate accredited firms, and will be conducting short interviews to help develop an understanding of what the barriers are. Email Rachel Krengel on [email protected] by mid-February to give your input.
Client feedback helps you improve your services, pick up any problems early, and build stronger relationships. We talk to some ICAEW probate accredited firms about the different ways they obtain feedback, and how they use it.