You need to hold a practising certificate (PC) if you are an ICAEW member engaged in public practice in the UK. Failure to hold a PC when you would be considered to be engaging in public practice could result in disciplinary action against you.

The new ICAEW Statement on members engaging in public practice is effective 1 January 2024. The changes are outlined below and it is the responsibility of all members to read the full statement and check whether they now require a PC.

What’s changing?

The changes include:

• References to the EEA have been removed following the UK’s exit from Europe.
• The definition of ‘UK’ has been clarified.
• The 10% de minimis limit has been removed from the guidance to align with money laundering regulations (so, if a firm earns less than 10% of its revenue from accountancy or reserved services, there’s a PC requirement where there may not have been previously).
• The £100 de minimis limit has been removed with regards to a minimum earnings level per assignment.
• Annex 1 on guidance on accountancy and reserved services has been updated.
• Improved guidance for members providing services to charities. 
• Annex 2 on guidance on public practice scenarios has been updated.

ICAEW Quality Assurance Manager Chris Greenhalgh says: “These changes have been introduced to clarify the rules, bring the guidance in line with other regulations and reflect the UK’s exit from the European Union. I would urge all members to review the requirements ahead of the new statement taking effect.”

Unsure if you need a PC?

ICAEW members engaged in public practice in the UK need a PC. However, there are other situations where a PC is required, for example as an ICAEW licensed insolvency practitioner who accepts appointments, or a responsible individual under the audit regulations.

You’ll find further guidance and scenarios to help you on the Practising Certificate hub. If you’re still unsure, please contact ICAEW Advisory Services on +44 (0)1908 248 250.