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Regulatory Roundup: March 2023

Author: ICAEW Insights

Published: 28 Mar 2023

PSD updates for insolvency practitioners and firms regulated or supervised by ICAEW for probate and estate administration, audit including local public audit, DPB (Investment Business) and anti-money laundering activity.

This month we have included useful information for probate professionals about placing statutory advertisements, the latest disciplinary update, an update on HM Courts and Tribunals Service-related delays for probate applications, advice on how insolvency practitioners can avoid some common mistakes when carrying out annual compliance reviews, an update on the revamped disciplinary framework, our latest issues of Probate News and Audit News, ICAEW’s review in the recent Legal Services Board assessment, key ISQM 1 resources for small practices, and the probate financial report for 2022. 

CPD for the future: reducing risk, enhancing trust
ICAEW’s revised continuing professional development (CPD) framework will launch later this year. Ahead of the changes, ICAEW President Julia Penny tells us why changes to the existing CPD Regulations are necessary, why a risk-based approach to CPD is so important, and explains how the latest requirements will improve trust and drive standards forward.

Revamped disciplinary framework to take effect in June
Following Privy Council approval of changes to ICAEW’s existing Disciplinary Bye-laws, ICAEW's new disciplinary framework will come into effect from 1 June this year. We talk to Duncan Wiggetts, Chief Officer, Professional Standards Department, about next steps and what the changes mean for investigations and disciplinary proceedings.

Disciplinary update: March 2023
Take note of the latest disciplinary cases to ensure you or your firm are not making similar mistakes.

2023 fee renewal notices

Payment of regulatory fees (including affiliate fees) was due on 1 January. Please check your email inbox for our renewal notices and ensure payment has been arranged.

Anti-money laundering updates

Richer conversations
Find out how Grant Thornton UK LLP used ICAEW’s anti-money laundering (AML) educational drama ‘All Too Familiar’ as part of its routine quarterly training for its audit practice.

Working in the regulated area of audit

Audit News, issue 73

The latest newsletter is available. In this issue we highlight Quality Assurance Department concerns about audit quality in 2022, key ISQM 1 resources, the latest UK Audit Regulations and changes to the disciplinary regulations which will take effect on 1 June 2023.

Key ISQM 1 resources 

Read our quality management statement, overview of standards and root cause analysis for small practices.

2021/22 Audit Monitoring Report

An important resource for firms regulated by ICAEW for audit services.

Which audit form and when

Find out which form your firm needs to submit, for example when a firm changes its legal entity or following a merger.

Working in the regulated area of insolvency

A beneficial tool: making insolvency compliance reviews work for you 
The requirement for insolvency practitioners (IPs) to carry out annual compliance reviews has been in force for almost two decades, yet some IPs are still failing to meet this duty. Alison Morgan, Insolvency Manager at ICAEW, tells us why reviews are so useful, and how IPs can avoid some common mistakes.

Giving notice of resolution with Companies House 

ICAEW’s insolvency team would like firms to be aware that, from 13 March, Companies House will no longer accept resolutions embedded in a set of minutes. Firms must file them separately to comply with their filing requirements. 

Working in the regulated area of probate

Probate News, issue 21
In this issue, find out about valuable resources and key dates for this year’s probate diversity survey, best practice when notifying potential creditors about deaths, and updates to the CPD framework guidance. Also learn how to apply for remunerated positions on our regulatory committees.

Placing statutory advertisements
On ICAEW probate visits, we suggest that ‘best practice’ is for firms to consider publishing details of deaths in The Gazette or local paper to notify potential creditors, beneficiaries to estates and other claimants. The Gazette has provided us with contact details and further information to support firms with deceased estates notice placement. 

Update on HMCTS delays in processing probate applications
HM Courts and Tribunals Service (HMCTS) acknowledges that there is a backlog of probate applications. Find out about the interim extended 16 weeks’ timeline. 

ICAEW highly rated in recent LSB assessment
The assessment identified several common themes that need to be addressed by all regulators. Read more about the findings from the Legal Services Board (LSB) and how ICAEW performed well in their assessment.

Probate Diversity Survey 2023 

Firms should have completed their surveys by 31 March. Next, firms will need to send results to ICAEW by 30 April. 

Keep updated: Please continue to visit the various sections under Regulation on the ICAEW website to stay current with all the latest regulatory-related guidance. 

Be the first to know when articles like these are released by following us on LinkedIn and subscribing to our monthly newsletter, Regulatory & Conduct News.

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