ICAEW Regulation and Conduct 2030 Strategy

Raising professional standards by continually enhancing the effectiveness of our regulatory and disciplinary frameworks.

• We will investigate as quickly and thoroughly, as possible, the conduct of ICAEW members and firms, taking enforcement action where they fall short.
• We will carry out periodic reviews of the effectiveness of our disciplinary framework, reviewing our Disciplinary Bye-laws and Investigation & Disciplinary Regulations, including seeking and incorporating feedback from users and stakeholders.
• We will carry out periodic reviews of our Sanctions Guidance, to improve the efficiency, consistency and fairness of application by our regulatory and disciplinary committees.
• We will work to ensure that those with decision-making responsibilities in our regulatory and disciplinary work are representative of the regulated and consumer communities they serve.
• We will provide insight from our own front-line work and experience, as a regulator, to any proposed changes to legislation impacting the regulatory frameworks in which we operate, and we will contribute this insight into ICAEW’s responses to public consultations.

Direction 2030 alignment:

• Strategic initiative 5: Helping members and firms to maintain high professional standards and holding them to those standards.
• Strategic initiative 3: Leading conversations on business and the profession.
• Reputation: Strengthens public trust by demonstrating ICAEW’s commitment to ethical standards and accountability.

Using data and intelligence to provide members and firms with help to improve the quality of their work and adherence to standards.

• We will use the information and intelligence we gain from our monitoring and enforcement work to identify any new or emerging areas or themes of concern which we will address through awareness initiatives and/or targeted reviews.
• We will continue to review the channels we use to communicate and engage with our regulated community, identifying and expanding into new digital channels to expand our reach.
• We will create and deliver high-quality materials to educate, guide and support our regulated community to comply with all relevant regulations and maintain high professional standards.
• We will carry out periodic reviews of the effectiveness and ambit of our processes for monitoring members and firms’ compliance with the CPD Regulations.
• We will continue to work closely with all our oversight regulators to identify emerging or increasing risks and agree initiatives with them to mitigate those risks.

Direction 2030 alignment:

• Strategic initiative 5: Helping members and firms to maintain high professional standards and holding them to those standards.
• Strategic initiative 4: Securing international recognition through targeted presence and engagement.
• Strategic initiative 3: Equipping members with insights and skills for the future.
• Relevance: Keeps ICAEW members ahead of industry trends by ensuring they are aware of regulatory changes and compliance requirements.
• Resilience: Helps members navigate uncertainties by identifying and addressing emerging risks.

Continuously refining our regulatory and disciplinary approach through internal quality reviews, adoption of best practices and implementing national policy changes.

• We will carry out periodic reviews of the ambit and effectiveness of the internal quality assurance programmes around our regulatory and disciplinary work.
• We will continue to monitor regulatory and disciplinary outcomes to assess fairness and consistency in the treatment of members and member firms and take any action which we consider appropriate to improve fairness and consistency.
• We will consider carefully all recommendations for improvement made by our oversight regulators, following their inspections, and implement appropriate changes.
• We will react promptly to any requirements for change to the regulatory landscape we operate within.

Direction 2030 alignment:

• Strategic initiative 5: Helping members and firms to maintain high professional standards and holding them to those standards.
• Reputation: Ensures ICAEW’s regulatory processes are transparent, fair, and uphold the highest ethical standards.

Attracting, developing and retaining high-quality people to strengthen our regulatory and disciplinary capabilities.

• We will build on our initiatives to attract, develop and retain individuals who have the experience, skills and knowledge we need to operate effectively in our regulatory and disciplinary work.
• We will continue to support a culture in which all those engaged in our regulatory and disciplinary work are strongly motivated and engaged by ICAEW values.
• We will continue to provide relevant, high-quality training, both during induction and regularly thereafter, to all of those involved in our regulatory and disciplinary work to enhance and maintain high levels of performance.
• We will continue to explore opportunities to broaden experiences and skillsets through taking on assurance and disciplinary outsourcing assignments from other public and professional bodies and regulators both in the UK and internationally.

Direction 2030 alignment:

• Strategic initiative 5: Helping members and firms to maintain high professional standards and holding them to those standards.
• Strategic initiative 4: Securing international recognition through targeted presence and engagement.
• Strategic initiative 6: Building an organisation with world-class capabilities.
• Relevance: Ensures ICAEW remains a leader in regulatory expertise and adapts to new challenges in the profession.

Enhancing efficiency, embracing innovation in our work and proactively identifying improvements to the delivery of our regulatory and disciplinary related activities.

• We will stay alert and be prepared and responsive to the shifts and changes within the areas we regulate to ensure we are on the front-foot to protect the public interest. 
• We will be innovative by leveraging technology, including automation and artificial intelligence solutions, to improve our systems and streamline core processes to better serve the public and ICAEW members and firms.
• We will, through policy and process effectiveness reviews, implement procedural changes to continually enhance the outcomes from our regulatory frameworks.
• We will engage proactively with our oversight regulators and relevant Government departments and other public bodies to identify and promote changes which we consider would improve the regulatory frameworks we operate within.
• We will review short and long term funding arrangements for regulatory and disciplinary work, and seek to both drive value from operating costs, and investment in maintaining and enforcing high professional standards.

Direction 2030 alignment:

• Strategic Initiative 5: Helping members and firms to maintain high professional standards and holding them to those standards.
• Strategic Initiative 4: Securing international recognition through targeted presence and engagement.
• Strategic Initiative 6: Building an organisation with world-class capabilities.
• Resilience: Equips members and firms with regulatory clarity and adaptability in an evolving business landscape.