As an improvement regulator, the Professional Standards Department (PSD) will initiate and respond to consultations on issues that relate to our regulatory responsibilities. This includes specific regulatory issues or matters that relate solely to regulation. We invite the views of the ICAEW members and the individuals and firms regulated/supervised by ICAEW, consumers of accountancy services and other stakeholders.
The list of open and closed consultations below is either prepared by the PSD or includes information where PSD has made a significant contribution to the overall ICAEW response to a consultation.
Open consultations
Proposed changes to the UK Audit Regulations and Guidance
A new consultation on proposed changes to the UK Audit Regulations and Guidance is now open. The consultation is open from 1 September to 27 October 2023. Firms are encouraged to respond before the 27 October deadline. The new regulations are expected to take effect in early 2024.
Responses to consultations
FCA regulated fees and levies: Rates proposals 2023/24 (professional body supervisors)
As we set out in previous responses, we find the method of calculating the professional body supervisor (PBSs) fees unfair as it penalises smaller firms and sole practitioners supervised by ICAEW, simply because they share an AML supervisor with the largest accountancy firms. We feel that the disparity between the levy applied to ICAEW and the smaller PBSs that only pay the fixed fee is becoming irrational – an inadvertent consequence of maintaining the fixed fee at a low rate that has not increased with RPI and any increases in OPBAS budgets being picked up by the largest PBSs. We are concerned that, with supervisory reform on the horizon, this disparity will become entrenched and will impact on PBSs ability to recoup costs from their supervised population in future. We call for a proper review of the OPBAS levy, as this was not included in the recent HM Treasury review of the OPBAS Regulations.
Legal Services Board proposed regulatory performance assessment framework
The ICAEW Professional Standards Department welcomes the opportunity to respond to the Legal Services Board’s proposed regulatory performance assessment framework issued 7 April 2022.
The ICAEW Regulatory Board’s response to the Insolvency Service consultation on the future of insolvency regulation
While we support a number of the proposals in the Consultation Document and believe that the Government should introduce legislation to make the current insolvency regulatory framework more effective, we do not believe that Government has come close to making out a convincing evidential case for removing the Recognised Professional Bodies (RPBs) from their important role in insolvency regulation.
Legal Services Board ongoing competence proposed statement of policy
ICAEW Professional Standards welcomes the opportunity to respond to the Legal Services Board’s draft statement of policy on ongoing competence issued 8 December 2021.
Empowering consumers proposed statement of policy
ICAEW Professional Standards welcomes the opportunity to respond to the Legal Services Board’s draft statement of policy Empowering Consumers issued 15 September 2021 a copy of which is available from this link.
Professional Standards Department response to the LSB Proposed Rules for Applications to Alter Regulatory Arrangements
ICAEW Professional Standards welcomes the opportunity to respond to the Legal Services Board’s discussion paper Proposed Rules For Applications To Alter Regulatory Arrangements issued 15 June 2021 a copy of which is available from this link.
ICAEW is a world-leading professional body established under a Royal Charter to serve the public interest. In pursuit of its vision of a world of strong economies, ICAEW works with governments, regulators and businesses and it leads, connects, supports and regulates more than 154,000 chartered accountant members in over 160 countries.
The ICAEW Regulatory Board’s response to the BEIS consultation: Restoring trust in audit and corporate governance
We welcome many of the proposals in the Consultation Document. Our main concern is that it does not sufficiently recognise the significant level of independent oversight already exercised by the ICAEW Regulatory Board (IRB) over the member conduct and disciplinary functions of ICAEW.
We believe that, working closely together with ARGA, we can continue to provide an extremely effective audit and accountancy oversight regime. This would enable ARGA to concentrate on the other areas of oversight where enhancement is required, particularly where significant public interest concerns have been identified.
Closed consultations
2024 probate fees consultation
This consultation ran from 16 June to 11 August 2023. This consultation is now closed, the responses are being reviewed and a summary of the results will be published here shortly.
As an approved regulator and licensing authority for probate services, our activities are guided by and support the Legal Services Board's strategic themes: fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession.
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose to increase probate registration fees by 5% for 2024.
Statement of Insolvency Practice 3.3 - Trust Deeds
A working group of the Joint Insolvency Committee reviewed Statement of Insolvency Practice 3.3 – Trust Deeds and invited comments on the revised SIP.
This consultation ran from 14 April to 10 July 2023.
Changes to ICAEW CPD Policy
In July 2022, following approval from Council, ICAEW announced changes to its CPD policy which will apply to all ICAEW members, ICAEW member and regulated firms, and non-members who are registered with ICAEW for a regulated activity. We would like your input to help shape the policy.
The consultation ran from 29 September – 27 October 2022.
Consultation: 2023 probate registration fees
As an approved regulator and licensing authority for probate services, our activities are guided by and support the Legal Services Board (LSB) strategic themes; fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession.
Recognising inflationary pressures and to continue to deliver our ongoing programme of activity to fulfil these objectives and those of the Legal Services Act, we propose to increase probate registration fees by 7% for 2023.
This consultation ran from 22 July to 16 September 2022. This consultation is now closed, the responses are being reviewed and a summary of the results will be published here shortly.
Medium term (3 year) legal services strategy consultation
Some minor amendments have been made to the IRB’s Legal Services Strategy. The consultation is now closed and a summary of the results will be published here shortly.
Consultation on proposed changes to ICAEW’s CPD Policy
ICAEW wishes to consult on the changes it proposes to make to its Continuing Professional Development (CPD) Policy in 2022. This consultation closed on 18 May 2022. Following the consultation, ICAEW Council has approved the principles of the revised CPD Policy. The new ICAEW CPD Policy will be launched in November 2023.
Consultation: proposed changes to ICAEW’s disciplinary framework
The ICAEW Regulatory Board (IRB) consulted on proposed changes to ICAEW’s disciplinary framework. This consultation closed on 29 March 2022.
Consultation: Statement of Insolvency Practice 3.1
The Joint Insolvency Committee (JIC) is consulting on changes to Statement of Insolvency Practice 3.1 - Individual Voluntary Arrangements.
JIC undertook a consultation issued in May 2020 which included revisions to SIP 3.1. At that time these revisions had been identified as being relevant changes as part of a review of SIP 3.2 on Company Voluntary Arrangements. No detailed review of SIP 3.1 was carried out. This consultation builds on the work carried out in 2020 and a draft revised SIP 3.1 is now being consulted on, following a detailed review.
This consultation closed on 5 November, the results will be published here shortly.
Consultation: mandating transparency disclosures through regulation
This consultation has now closed and the results are available below.
To develop and advance ICAEW’s consumer engagement strategy and to address the concerns and recommendations outlined in the CMA’s 2016 report, ICAEW opted for a voluntary approach to improving the provision of price and service information to consumers.
To date, the uptake of the voluntary guidance has been disappointing. At its meeting in June 2021, the IRB considered the final assessment of ICAEW firms’ take up. It noted that whilst the results showed some improvements, they were still some way short of acceptable. Consequently, it recommended mandating transparency measures through the introduction of regulation.
Consultation: ICAEW reserved legal services strategy
The IRB has finished consulting on its proposed RLS strategy. The proposed strategy supports the Legal Services Board’s strategic themes; fairer outcomes, stronger confidence and better services, to strengthen trust and protect the public by enabling, evaluating, and enforcing the highest standards in the profession.
Consultation: 2022 probate registration fees
Subject to Legal Standards Board (LSB) approval, we propose to increase probate registration fees by 5% for 2022. This is to continue to deliver our ongoing programme of activity which aims to:
- support the Legal Services Board's (LSB) strategic themes (fairer outcomes, stronger confidence and better services);
- strengthen trust and protect the public by enabling, evaluating and enforcing the highest standards in the profession; and
- to respond to the requirements of the Legal Services Act and new governance introduced by the LSB.
This consultation ran from Friday 25 June to Friday 6 August 2021.
Consultation: changes to ICAEW's Minimum Approved Policy
The proposed changes address a regulatory requirement for insurers to clarify the extent of cover for cyber-related claims in policies of insurance. The changes are due to take effect on 1 September 2021.
This consultation ran from 12 April until 21 May 2021.
Other ICAEW consultations
ICAEW contribute responses to many consultations issued by government, oversight bodies and other bodies. These carry the views of ICAEW:
Details of consultations on revisions to Statements of Insolvency Practice and insolvency Code of Ethics are also available:
Useful links
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: