Find out more about the fees for affiliates, audit, DPB (Investment Business), insolvency, Licensed Practice scheme and probate work.
We are authorised to license and register firms and individuals to carry out specialist areas of work including audit, ATOL reporting, DPB (Investment Business), insolvency and probate.
In most cases, the fees for these areas of work consist of two parts:
This fee is the cost (required by law or regulation) of registration. The fee funds the ICAEW regulatory and assurance operation which includes:
The regulatory and assurance work of ICAEW is self-financed through the registration fees paid by regulated firms and individuals which cover the cost of operations. This budget is used to;
Registration fees are a cost of business to you and your firms and we work hard to limit the cost of regulation at all times. The budget for planned operations and registration fees is presented and approved each year by the ICAEW Regulatory Board (IRB).
The IRB derives its authority from the ICAEW Council. To ensure a greater degree of independence, the ICAEW Council has delegated the regulatory and disciplinary functions of ICAEW to IRB. The IRB comprises up to twelve individuals including the chair and a parity of lay and non-lay members.
The financial strategy addresses both the short and long term challenges posed by:
ICAEW membership and practicing certificate fees are not used to subsidise the operation of the ICAEW regulatory and assurance function.
The organisations that oversee the regulatory work of ICAEW, such as the Insolvency Service and the FRC, require funding. As required, we collect levies on behalf of these bodies. As ICAEW is an authorising body, in some cases, we are required to provide other functions alongside our regulatory work such as funding a complaints gateway (insolvency) and providing compensation scheme arrangements (investment business, probate).
The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) levies an annual charge on all professional body supervisors (including ICAEW), based on the number of beneficial owners, officers and managers in the firms registered with us for AML supervision. OPBAS has not yet finalised the charge for 2019 so we have estimated the cost using the information provided in their consultation paper. A £28 levy will be applied to all UK ICAEW practising certificate holders from 2019 in order to fund the operational costs of OPBAS. The levy also includes a small charge to cover the OPBAS associated administrative costs of ICAEW as an AML supervisor.
OPBAS is a new oversight body set up by the government to strengthen the UK’s anti-money laundering (AML) supervisory regime and ensure professional body supervisors (PBSs) provide consistently high standards of AML supervision. OPBAS delivers on the government’s commitment to reform the AML supervisory regime, a key part of its 2016 action plan for anti-money laundering and counter-terrorist finance.
We will automatically renew your regulatory registration every year. We will send you a proforma invoice to confirm details of your registration (usually in November). This gives you time to ask questions about the proforma invoice before payment is due.
If you want to raise an invoice query, you must do so within 30 days of the issue date on the proforma invoice. If you do not raise a query within 30 days, you may be liable for the full fee as described on the proforma or invoice.
Annual registration fees are payable on 1 January and payment is due within 30 days. Payments under existing direct debit arrangements will be collected within 20 working days of the 1 January. Payment collection dates are shown on the proforma or invoice for newly established or changed direct debit instructions.
Once you have paid your regulatory fees, you will be considered to have accepted the firm structure described on the proforma document or invoice.
Regulatory fees are for a calendar year unless otherwise stated in the fee scales. We do not refund in part or in full annual regulatory fees.
Non-payment of regulatory fees will result in the member or firm being referred to the Professional Conduct Department.
We encourage you to pay annual fees by direct debit.
New registrations – please send a cheque with your completed application form. Full details can be found on the application form. If an application is not accepted, the fee will be refunded.
Renewals can be paid by direct debit, online or with a credit card. Please refer to your firm’s proforma invoice for details.
The fee will be calculated on the basis of the information held about a firm at the time of issuing the proforma invoice or when a firm applies to be registered for a specialist area of work. Changes which are notified subsequently may be taken into account if they lead to an increased registration fee.
If you have any questions relating to your application, ongoing fees or invoice, please contact our Regulatory Support team on +44 (0)1908 546 265 or firstname.lastname@example.org. For any queries relating to your firm or an application on behalf of your firm, please quote your firm number (starting with C00), Your firm number covers any registrations that you have with us.