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Regulatory and disciplinary updates

The latest regulatory and disciplinary updates from ICAEW’s Professional Standards Department. The below list is a brief summary of the regulatory information ICAEW's Professional Standards department has recently communicated. The list covers the previous six month period and is not exhaustive.

Please refer to the regulatory area of our website, to our eNewsletters and other email communications to ensure you are up to date with the latest regulatory information and news. 

October updates

Your duty to report misconduct
Please review the new guidance on your duties to report misconduct  

September updates

The CCAB has published updated guidance for the January 2020 amendments of the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017. This guidance has not yet been approved by HM Treasury.

Professional conduct extends beyond the office

How ICAEW members can insulate against rising professional indemnity rates in a hardening market 

August updates

Practice Assurance and DPB (remote) monitoring guidance update

Consultation: mandatory online probate applications
Government has published a consultation paper on changing the non-contentious probate rules to make it mandatory for professional users to use the online process.
Deadline for responses 10 September.

Keep ethics front and centre — always
Ethics underpins the work of Chartered Accountants, both in business and in practice. Keeping up to date with the latest ethical requirements is a vital part of CPD.

July updates

AML, the essentials
Issue 17 published

SARs in Action
The July 2020 edition of the UKFIU's Reporter Booklet has been published.

How to avoid compliance pitfalls in a post-pandemic world
Insights article 

Probate News
Issue 13 published

The Legal Services Board has approved changes to ICAEW's regulatory arrangements
The LSB's approval is a key step to ensure ICAEW's compliance with the Board's revised internal governance rules for regulators of legal services.

June updates

Insolvency News
Issue 1 published.

Corporate Insolvency and Governance Act 2020 
The Act came into force on 26 June 2020.

The 2020 Anti-money Laundering Monitoring Report is published
Download the latest advice for ICAEW money laundering reporting officers and compliance principals.

The 2020 Insolvency Monitoring Report is published
Download the latest advice for ICAEW IPs.

Updated PII Regulations, effective from 29 May 2020
Minor changes including a change to the insurer definition. 

May updates

May 2020: Suspicious Activity Reporting
New glossary codes published.

ICAEW Regulatory Board publishes annual report
Public interest and transparency remain at the forefront of everything the IRB does.

Charity Commission review: reporting matters of material significance
The Charity Commission has confirmed that it will be conducting an ongoing review of the reporting of matters of material significance by auditors and independent examiners.

Audit News
Issue 66 published.

2020 Practice Assurance Monitoring report published

April updates

New eligibility guidance and case studies for probate firms
Has a change in your firm structure impacted on your eligibility?

COVID-19: Quality assurance monitoring and regulatory support
Latest changes to monitoring procedures and how we can help

COVID-19: Professional conduct and investigation guidance
Expectations of firms / members and our proportionate approach

Professional indemnity insurance: advice on the impact of Covid-19
Key minimum wording clauses and the need to prepare early for renewal.

New measures to support insolvency practitioners
Easing the burden during the coronavirus outbreak

414 AML monitoring review visits were carried out with ICAEW AML firms in Q1 2020
ICAEW AML supervisory role and activity Q1 2020 published

New Insolvency Code of Ethics effective from 1 May 2020
The insolvency Code has been rewritten using the new IESBA methodology of requirements and application material, following the format used in ICAEW’s main Code of Ethics.

Probate: Statements of truth to be used as an alternative to affidavits
Authorisation has been given to allow statements of truth for some non-contentious probate processes.

COVID-19 Guide to client due diligence and other issues to consider
As COVID-19 continues to disrupt business activity and social distancing becomes widespread, firms may have concerns over how this impacts their ability to comply with the money laundering regulations. ICAEW has issued a guide on how to adapt client take-on procedures to reflect more remote interactions with clients.

AML – the essentials
Issue 16 published

March updates

Follow the money: How to combat money laundering 
Firms need to be alert to the constantly shifting threat of money laundering

Probate News
Issue 12 published

Consultation open: Statements of Insolvency Practice 3.1, 3.2, 7 and 9
Give your feedback on the proposed changes.

Automatic registration for Irish audit registration has ceased
Firms that have not opted-in to the Irish Audit Register are no longer registered to carry out audit work in Ireland.

Audit News
Issue 65 published.

February updates

ATOL News
Issue 3 published.

DPB Update
Issue 13 published.

January updates

New ICAEW Code of Ethics
Effective 1 January 2020