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Investment Business Committee

Helpsheets and support

Published: 22 Apr 2021 Update History

The Investment Business Committee is responsible for considering and determining applications for a licence under the Financial Services and Markets Act 2000 and any regulatory action required as a result of monitoring visit reports affecting its areas of responsibility. It also has a continuing responsibility in respect of authorisation granted under the Financial Services Act 1986, pursuant to Statutory Instrument 2657 (SI 2657) made under the Financial Services and Markets Act 2000.

The committee carries out its responsibilities within the framework of the general duties and procedural requirements for committees set out in Annex 6 of the Scheme of Delegations. It also carries out its responsibilities in accordance with the Designated Professional Body (Investment Business) Handbook, the Designated Professional Body (Consumer Credit) Handbook, its Terms of Reference and any guidance issued by the ICAEW Regulatory Board (IRB).

The committee has a minimum of eight members, of whom at least half must be lay members. The requirements of the constitution of the committee are contained in its Terms of Reference. Members are appointed for a term of three years which may be renewed once, with a further option for extension for one additional term.

The committee may not include any person who is a member of the Investigation, Disciplinary or Appeal Committees. Members of Council do not serve on the committee.

Function of the committee

Council has delegated operational responsibility to the committee for discharging the responsibilities of ICAEW for matters relating to authorisation granted under the Financial Services Act 1986, pursuant to SI 2657 made under the Financial Services and Markets Act 2000, and the responsibilities of ICAEW as a designated professional body under the Financial Services and Markets Act 2000 including, without prejudice to the generality of the foregoing, as set out in the Designated Professional Body (Investment Business) Handbook:

  • granting or refusing applications for a licence
  • renewing, withdrawing or suspending a licence
  • imposing conditions or restrictions on a licence
  • imposing charges where a licensed firm has agreed that it has breached the terms of its licence
  • considering returns submitted by firms and reports and investigating any failure to make such returns and reports
  • making enquiries concerning a licensed firm
  • publishing information concerning a firm’s licence

and as set out in the Designated Professional Body (Consumer Credit) Handbook:

  • considering whether a consumer credit firm is no longer able to undertake exempt credit-related credit activities
  • imposing conditions or restrictions on a consumer credit firm
  • imposing charges where a consumer credit firm has agreed that it has breached the terms of the Designated Professional Body (Consumer Credit) Handbook
  • considering returns submitted by firms and reports and investigating any failure to make such returns and reports
  • making enquiries concerning a consumer credit firm
  • publishing information concerning a firm’s consumer credit firm’s status.

In addition, Council has delegated operational responsibility to the committee for discharging the responsibilities of ICAEW as an accredited body under the Financial Services and Markets Act 2000, including without prejudice to the generality of the foregoing, as set out in the Statement of Professional Standing Regulations:

  • granting or refusing applications for a Statement of Professional Standing (SPS)
  • renewing or withdrawing an SPS
  • imposing restrictions or conditions on an SPS
  • considering returns submitted by SPS holders and reports and investigating any failure to make such returns and reports
  • making enquiries concerning an SPS applicant or holder
  • publishing information about an individual’s SPS
  • providing the Financial Services Authority with information about individuals whom ICAEW has issued, refused or withdrawn an SPS

Operation of the committee

The committee normally meets three times a year (every four months), usually at Chartered Accountants’ Hall. The quorum for a meeting of the committee is four: two ICAEW members and two lay members.

At each meeting, the committee is assisted by a committee administrator and a committee secretary. The committee secretary is a solicitor who supports the committee by providing both legal and procedural advice.

The committee may also seek advice from any source that it considers appropriate to enable it to discharge its responsibilities.

The committee may delegate its powers to a sub-committee (for instance to enable urgent matters to be considered promptly).

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