“We’re disappointed with today’s announcement of the government’s decision to take anti-money laundering supervisory responsibilities away from ICAEW and the other professional body supervisors.

“We believe that this decision will increase the regulatory burden and costs to firms, making business growth more challenging, while creating greater confusion within the regulatory framework and leading to even more fragmentation in the way key information is held and maintained about the activities of professional services firms.

“We intend to continue to engage with Ministers and HM Treasury to ensure that all of the ramifications of this decision are understood, and to suggest alternative ways forward.”

ENDS
 
Notes to editors:

Our role as an improvement regulator

Our mission as an improvement regulator is to strengthen trust in ICAEW Chartered Accountants and firms. We do this by enabling, evaluating and enforcing the highest standards in the profession. 
 
ICAEW’s regulatory and conduct roles are separated from ICAEW’s other activities so that we can monitor, support or take steps to ensure change if standards are not met. These roles are carried out by the Professional Standards Department (PSD) and overseen by the ICAEW Regulatory Board (IRB).

Our role is to:

authorise ICAEW firms, members and affiliates to undertake work regulated by law: audit, local audit, investment business, insolvency and probate;

support the highest professional standards in general accountancy practice through our Practice Assurance scheme;

provide robust anti-money laundering supervision and monitoring;

monitor ICAEW firms and insolvency practitioners to ensure they operate correctly and to the highest standards;

investigate complaints and hold ICAEW firms and members to account where they fall short of standards;

respond and comment on proposed changes to the law and regulation; and

educate through guidance and advice to help stakeholders comply with laws, regulations and professional standards.