The Business Law Department lobbies for changes in areas of the law and regulation which are relevant to accountants and the accountancy profession. It also contributes, where possible, to proposed changes in the law and provides guidance on the outcomes. In general, these relate to the law in the UK, though lobbying for change is carried out internationally, where appropriate. Guidance is issued formally in technical releases or in the regulations standards and guidance, or informally through articles in Institute magazines, newsletters or elsewhere.
The department does not deal with the Institute's regulation of its own members and member firms. For information on these, reference should be made to the regulations, standards and guidance. Law relating to specific areas of accountancy practice or specific industry sectors may also covered by the faculties or the special interest groups.
There is a strong inter-relationship between the law and ethics. Compliance with the law in a well functioning democracy is an integral aspect of integrity. Where ethical considerations have a particular impact in relation to legal matters, this has been integrated into the guidance given. For other material related to ethics, reference should be made to the ethics lead page.
The Business Law Team
The team members have considerable expertise in their own right in their relevant areas, and have access to more through the Institute's system of technical committees and working parties.
Working with the volunteers on their committees, team members make formal and informal representations; draft guidance and handbook statements; brief office holders, other stakeholders and press as required; and represent the Institute and the profession on various external committees, including relevant FEE (European Federation of Accountants) committees.
Felicity Banks MSc FCA, Head of Business Law
Email: felicity.banks@icaew.com
Felicity is Head of Business Law at the Institute of Chartered Accountants in England and Wales. She has a wide range of responsibilities, including oversight of all the Institute's technical work on business law including economic crime, company law and regulatory requirements not dealt with elsewhere in the Institute. She is also responsible for oversight of the Institute's technical work in specialist areas not served by other technical functions, including pensions, insolvency practice and the areas within the remit of the Specialist Interest Groups.
Felicity has direct responsibility for the Institute's work in the areas of economic crime, including money laundering, fraud and corruption. In the case of anti-money laundering, she has acted for the Institute and the profession for more than 15 years, she represents the accounting profession on HM Treasury's Money Laundering Advisory Committee and several other National AML fora, and acts as secretary to the Institute and CCAB Money Laundering Working Parties.
Liz Cole MA (Hons) Oxon, Business Law Manager
Email: liz.cole@icaew.com
Liz Cole joined the Institute's Technical Directorate in October 2003 as Business Law Manager reporting to Felicity Banks. Liz is a lawyer and is responsible for Company Law (including distributable profits) and Pensions. Before joining the Institute, Liz qualified as a lawyer at Linklaters in 1999 and practiced law there for four years in the tax department.
Imelda Moffat, Manager, Information Law & Legal Services
Email: Imelda.moffat@icaew.com
Imelda qualified as a solicitor and is a member of the Business Law team specialising in:
- Regulatory reform, in particular the implications of the Legal Services Act for accountancy firms going forward and the development of alternative business structures for professional services
- Money laundering, economic crime and fraud
- Data protection issues
Her work involves liaising with government bodies, other regulators, office holders and stakeholders
Prior to joining the Institute in March 2009 she ......
- Was a partner in a city law firm for 10 years
- Specialised in finance, with particular emphasis on not for profit, development, healthcare and AIM lending and was responsible for relationship management of several key clients, including banks, charities, business and professional organisations