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 ICAEW magazines, newsletters or elsewhere.
The department does not deal with ICAEW'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 team members have considerable expertise in their own right in their relevant areas, and have access to more through the ICAEW'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Working with the volunteers on their committees, team members make formal and informal representations; draft guidance and handbook statements; brief office holders, other stakeholders and press as required; and represent ICAEW and the profession on various external committees, including relevant FEE (European Federation of Accountants) committees.
Felicity Banks MSc FCA, Head of Business Law
Felicity is Head of Business Law at ICAEW. She has a wide range of responsibilities, including oversight of all ICAEW technical work on business law including economic crime, company law and regulatory requirements not dealt with elsewhere at ICAEW.
Felicity has direct responsibility for ICAEW'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 ICAEW 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 od Chartered Accountants of England and Wales and CCAB Money Laundering Working Parties.
Liz Cole MA (Hons) Oxon, Business Law Manager
Liz Cole joined ICAEW'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 ICAEW, Liz qualified as a lawyer at Linklaters in 1999 and practiced law there for four years in the tax department.
David Stevens ACA, Integrity and Law Manager
David is responsible for the areas of economic crime and ethics.
He is a LLB graduate and trained with Deloitte before moving into professional education with Kaplan, specialising in the subjects of Company Law and Ethics.
Prior to his current role he worked on the ICAEW Technical Enquiries line, dealing with member queries on technical and ethical matters.