Foundation Qualification Regulations

1. An individual who wishes to become registered as a Provisional Foundation Qualification Holder or a Foundation Qualification Holder under these Regulations must apply in the manner decided by ICAEW, on a prescribed form. The application may include the following:

1. any information that ICAEW may require to assess the eligibility of the individual for registration;
2. any information that ICAEW may require to assess the fitness and propriety of the individual for registration;
3. any information that ICAEW may require to provide the Services;  
4. a declaration by the individual that they agree to be bound by these Regulations and will ensure that they comply with them at all times;
5. a declaration by the individual that they will deal with ICAEW in an open and co-operative manner and inform ICAEW promptly about anything concerning them as required by these Regulations;
6. an acknowledgement by the individual that none of ICAEW, its officers, staff, members of its Council or committees, their servants or agents can be held liable to the individual for damages for any act or omission arising out of the performance of any of their functions under these Regulations or the Disciplinary Bye-laws, unless the act or omission is shown to have been in bad faith;
7. an acknowledgement that ICAEW may make enquiries of or about the individual with third parties as ICAEW deems necessary;
8. an acknowledgement that ICAEW may publish, in such manner as it may determine, information about the individual’s status under these Regulations. 

2. An individual will be eligible to become a Provisional Foundation Qualification Holder if they:

1. are deemed fit and proper by ICAEW; and
2. have paid the appropriate fees, as specified by ICAEW from time to time. 

3. An individual who is not a member of ICAEW will be eligible for registration as a Foundation Qualification Holder if they:

1. Hold or are eligible to hold the ICAEW CFAB qualification under the ICAEW CFAB regulations; and
2. gain a mark of 70% or above in the Ethics Learning Program online assessment; and
3. have met the Foundation Qualification Holder work experience requirement as set out in Regulation 5; and
4. are deemed fit and proper by ICAEW; and
5. have paid the appropriate fees, as specified by ICAEW from time to time.

The requirements set out at Regulation 3 a) b) and c) can be undertaken concurrently or separately, and in any order.

4. An individual who is a member of ICAEW will be eligible for registration as a Foundation Qualification Holder if they:

1. are a current member of ICAEW;
2. are deemed fit and proper by ICAEW; and
3. have paid the appropriate fees, as specified by ICAEW from time to time. 

5. To be eligible for registration as a Foundation Qualification Holder under Regulation 3 an individual must meet the work experience requirement.  The work experience must:

1. cover a total period of 12 calendar months’ full-time (35 hours a week), or the pro-rata equivalent over a longer period up to 3 years; and
2. be of a business and/or finance nature; and
3. be signed off, using the prescribed form, by a qualified member of an IFAC member body who works for the same employer as the applicant. 

6. Up to 12 months of prior work experience will be recognised provided it has been gained during the 3 years prior to the date of application. 

7. The Learning and Professional Development Board, or persons to whom it has delegated its authority, will have an absolute discretion in deciding whether to register an individual as a Provisional Foundation Qualification Holder under these Regulations.

8. Council, or persons to whom it has delegated its authority, will have discretion in deciding whether to register an individual as a Foundation Qualification Holder under these Regulations. 

9. An individual who is registered as a Foundation Qualification Holder will be entitled to call themselves an ‘ICAEW Business and Finance Professional’ and use the designatory letters ‘BFP’.

10. The right to use the title ‘ICAEW Business and Finance Professional’ and the designatory letters ‘BFP’ is subject to:

1. payment of an annual fee, as specified by ICAEW from time to time; and
2. adherence to these Regulations, the Code of Ethics and Disciplinary Bye-Laws, and registration as a Foundation Qualification Holder and the right to use the designatory letters and title may be removed by ICAEW in accordance with these Regulations at any time.

11. If an individual ceases to be a Foundation Qualification Holder for any reason, they must cease using the title ‘ICAEW Business and Finance Professional’ and the designatory letters ‘BFP’ with immediate effect. 

12. On being awarded Foundation Qualification Holder status the applicant is entitled to receive a certificate.

13. If an individual ceases for any reason to be a Foundation Qualification Holder they must immediately return to ICAEW their Business and Finance Professional certificate, unless ICAEW otherwise decides. 

14. The Members’ Registrar shall accept the resignation of any Foundation Qualification Holder except in cases where:

1. there is an unresolved complaint against that person; or
2. there is, in the Members’ Registrar’s view, any other reason why the resignation should be referred to the Investigation Committee to be dealt with.

In these cases the request will be dealt with by the Investigation Committee.

15. A Foundation Qualification Holder will cease to be such only upon acceptance by Council.

16. If notice of resignation is not received before 1 February in any year the individual shall remain liable for any fees payable in that year. 

17. An individual will cease to be registered as a Provisional Foundation Qualification Holder if:

1. they have a bankruptcy order made against them; or
2. their status as a Provisional Foundation Qualification Holder is removed by order of the Disciplinary Committee or the Appeal Committee; or
3. they fail to comply with any order as to fines and/or costs made by the Investigation Committee, the Disciplinary Committee or the Appeal Committee or any tribunal appointed under the Investigation and Discipline Scheme by the date or dates upon which the same are due.

18. Subject to Regulations 19 and 20, an individual will cease to be registered as a Provisional Foundation Qualification Holder if more than 3 years have elapsed since: 

1. the date of the last attempt at an ICAEW CFAB assessment; and
2. the date of the last attempt at the Ethics Learning Programme online assessment; and
3. the individual partially undertook or completed the work experience requirements in accordance with Regulations 5 and 6.

19. If an individual does not commence the work experience requirements under Regulations 5 and 6 within 3 years of the date of their last attempt at:

1. an ICAEW CFAB assessment; and
2. the Ethics Learning Programme online assessment they will cease to be a Provisional Foundation Qualification Holder.

20. An individual’s status will not cease under Regulation 18 or 19 if they are currently undertaking the Foundation Qualification work experience requirements (see Regulations 5 and 6) or if they have made an application to be registered as a Foundation Qualification Holder and the application has not been finally determined.

21. An individual will cease to be registered as a Foundation Qualification Holder if:

1. they have a bankruptcy order made against them; or
2. their status as a Foundation Qualification Holder is removed by order of the Disciplinary Committee or the Appeal Committee; or
3. they fail to comply with any order as to fines and/or costs made by the Investigation Committee, the Disciplinary Committee or the Appeal Committee or any tribunal appointed under the Investigation and Discipline Scheme by the date or dates upon which the same are due; or
4. they fail to pay the annual subscription by 31st March in the year in which it becomes due, or any increase in such subscription before the expiration of 3 months after the increase becomes due unless Council otherwise decides; or
5. they are also an ICAEW member and they subsequently resign or cease for any reason to be a member of ICAEW. 

22. The Learning and Professional Development Board has an absolute discretion in determining whether to re-register any individual who has ceased to be registered as a Provisional Foundation Qualification Holder.

23. Save for the circumstances set out in Regulation 24, the Members’ Registrar shall re-register any individual who has ceased to be registered as a Foundation Qualification Holder provided that individual has, in the opinion of the Members’ Registrar, satisfactorily answered all the questions in the application form. Such re-registration shall be unconditional or subject only to conditions affecting payments of future fees or subscriptions.

24. In the following cases the request by the individual for re-registration as a Foundation Qualification Holder will be dealt with by the Fitness Committee:

1. where the applicant ceased to be a Foundation Qualification Holder by operation of an order made pursuant to the Disciplinary Bye-Laws;
2. where the applicant ceased to be a Foundation Qualification Holder by virtue of bankruptcy;
3. where the applicant has an unresolved complaint against them;
4. where the applicant ceased to be a Foundation Qualification Holder by virtue of failure to pay fines and/or costs pursuant to Disciplinary Bye-Laws;
5. where the applicant ceased to be a Foundation Qualification Holder more than four years ago; or
6. in any other case where the Members’ Registrar considers for any reason that the application should be dealt with by the Fitness Committee.

25. In the event that the Fitness Committee refuses an application for re-registration as a Foundation Qualification Holder it shall give written reasons for its refusal. 

27. An applicant refused re-registration as a Foundation Qualification Holder may, within 28 days of the date on which the written reasons for such refusal are served on him or her, give notice of appeal to the Director. Any such notice shall state the grounds of appeal.

28. As soon as practicable after receipt by the Director of an effective notice of appeal under Regulation 27, the Chair of the Appeal Committee or, failing him/her, its Vice Chair, shall appoint a panel to hear the appeal and Disciplinary Bye-laws 27, 28 and 29 shall apply as appropriate. With the exception of Appeal Committee Regulations 6, 7, 25 – 30 and 25 – 41 the Appeal Committee Regulations shall apply to the hearing of the appeal. 

37. Foundation Qualification Holders, who are not ICAEW members or regulated individuals, shall:

1. at the start of every CPD year, reflect on the nature of their work being undertaken and their professional development needs and undertake any necessary training; and
1. undertake a minimum of one hour’s ethics training either by:completing the ICAEW ethics module during that CPD Year (or earlier CPD Years if not already completed); or
2. undertaking alternative ethics training which satisfy specified learning outcomes aligned with the ICAEW Code of Ethics; and
2. if requested by ICAEW, provide such evidence of compliance as may be required.

38. Renewal of ICAEW membership shall be treated as confirmation by the member of compliance with regulation 37. 

39. Foundation Qualification Holders, who are not ICAEW members or regulated individuals, are exempt from the requirement to undertake CPD if they, during the CPD year:

1. do not carry out or undertake, for reward or without reward, any accountancy or finance work or provide any accountancy, finance, reserved or non-reserved legal services; and
2. do not act as a trustee, director of a body corporate or in any other capacity which carries with it an equivalent level of legal or financial responsibility.