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Regulatory consultations

As an improvement regulator, the Professional Standards Department (PSD) will initiate and respond to consultations on issues that relate to our regulatory responsibilities. We invite the views of the ICAEW members and the individuals and firms regulated/supervised by ICAEW, consumers of accountancy services and other stakeholders.

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Open regulatory consultations

Proposed changes to the eligibility criteria for firms using the description Chartered Accountants

ICAEW is consulting on proposed changes to the regulations that determine which firms can describe themselves as Chartered Accountants. The proposals aim to simplify firm eligibility, clarify how the rules apply to group structures and streamline the requirements for general affiliates, while maintaining appropriate Chartered Accountant control and ICAEW oversight.

Closed regulatory consultations

The closed regulatory consultations below are ICAEW-initiated consultations to which you can no longer respond and awaiting review of all responses received. Once this is complete, we will include a summary of our findings and move it to the archive below for closed consultations.

2027 Probate and oaths fees consultation
  • ICAEW consultation and response
  • 13 Jul 2026
This consultation ran between 13 July – 14 August 2026 and is now closed. Recognising inflationary and other pressures on registered firms and to continue delivering our programme of activity to fulfil our objectives under the Legal Services Act, we proposed a 1% increase to 2027 probate and oaths accreditation fees and a 95% reduction in the levy.
Proposed changes to Statement of Insolvency Practice 2
  • ICAEW consultation and response
  • 14 May 2026
Updates were proposed to Statement of Insolvency Practice (SIP) 2, emphasising the need for thorough analysis, enhanced reporting to regulators and clarity on what constitutes a company’s records. The consultation ran from 14 May to 6 August 2026.
Proposed changes to SIP 14: A Receiver’s Responsibility to Preferential Creditors
  • ICAEW consultation and response
  • 11 Jun 2025
Following a review, the Joint Insolvency Committee (JIC) has decided that Statement of Insolvency Practice 14 should be updated not only to reflect the introduction of HMRC’s secondary preferential status in 2020 but also extended to apply to all types of insolvency appointment, not just receiverships and to apply in all of the jurisdictions.
2026 Probate fees consultation
  • Article
  • 11 Jul 2025
Recognising inflationary pressures and to continue delivering our programme of activity to fulfil our objectives under the Legal Services Act, we propose a small increase to the 2026 probate registration fees. Please review the information below, including our budget, medium-term business plan and the proposed new fee scale, and respond to our suggested fee levels for 2026.
Consultation: Proposed revisions to ICAEW Sanctions Guidance
  • ICAEW consultation and response
  • 23 Apr 2025
ICAEW recently consulted on new Disciplinary Sanctions Guidance. The guidance outlines how sanctions will be determined in disciplinary cases involving ICAEW-regulated firms and individuals. This guidance is used by ICAEW’s Conduct Committee, Tribunals Committee and Appeal Committee when considering disciplinary allegations.
2025 Consultation: Proposed changed to the ICAEW Legal Services Regulations
  • ICAEW consultation and response
  • 13 Jan 2025
The ICAEW Regulatory Board is consulting on proposed changes to ICAEW’s Legal Services Regulations. These changes incorporate new provisions relating to the reserved legal service of the administration of oaths and requirements relating to first tier complaints introduced by the Legal Services Board (LSB) in May 2024.
Audit Regulations consultation: notification of movement of audits
  • ICAEW consultation and response
  • 05 Jun 2024
ICAEW proposes to make changes to the UK Audit Regulations and Guidance which will require audit registered firms to notify ICAEW when they are appointed as auditors to certain entities. Notification would also be required where audit fees are significantly higher than fees in the firm’s existing portfolio. The aim is to increase the transparency of the movement of these audits between audit firms.
2025 probate fees consultation
  • ICAEW consultation and response
  • 15 Jul 2024
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 no change to 2025 probate registration fees for firms with 5 or fewer principals, and a 3% increase for all other firms.

Closed regulatory consultations archive

The archive of closed regulatory consultations below includes ICAEW-initiated consultations that have been closed and actioned after responses have been collated and reviewed.

PSD responses to consultations

On occasion, the ICAEW Professional Standards Department (PSD) responds to consultations published by third parties in our industry. Recent responses are included below. 

ICAEW response to MoJ’s proposed Interest on Lawyers’ Client Accounts scheme
  • ICAEW consultation and response
  • 19 Mar 2026
  • PDF (233kb)
ICAEW acknowledges the importance of the Ministry of Justice's objective of securing sustainable funding to support the justice system in England and Wales. As an approved legal services regulator, ICAEW shares and supports the aim of promoting access to justice. However, we do not consider that diverting interest belonging to bereaved and often vulnerable consumers is a proportionate or appropriate mechanism to achieve this and ICAEW does not support the proposal. Read our consultation response to further understand the reasons for our position.
ICAEW response - LSB consultation: Encouraging a diverse legal profession
  • ICAEW consultation and response
  • 02 Mar 2026
  • PDF (278kb)
ICAEW welcomes the Legal Services Board (LSB)’s aims to improve equality, diversity and inclusion across legal services and we support the proposed outcomes as a high‑level framework. However, we are concerned that the proposed core and enhanced expectations are overly prescriptive and risk limiting regulators’ ability to take proportionate, risk‑based approaches that reflect different regulatory remits. Our response calls for greater flexibility, clearer alignment with existing regulatory frameworks, and a stronger emphasis on guidance rather than mandatory requirements.
ICAEW response to the FRC Discussion Paper on the Future of Audit Supervision
  • ICAEW consultation and response
  • 06 Oct 2025
  • PDF (393kb)
ICAEW welcomes the proposals within the FRC Discussion Paper on the Future of Audit Supervision. In particular, the intention that the revised approach will provide proportionality in audit supervision, as well as consistency across the audit market.
ICAEW response to LSB Consultation on Upholding Professional Ethical Duties
  • ICAEW consultation and response
  • 04 Jun 2025
  • PDF (229kb)
ICAEW has responded to the Legal Services Board's (LSB) consultation on its proposed statement of policy on upholding professional ethical duties. ICAEW Chartered Accountants are expected to demonstrate the highest standards of professional conduct, and we welcome the LSB’s proposed statement of policy on upholding professional ethical duties. This response, dated 28 May 2025, represents ICAEW's views as an Approved Regulator and Licensing Authority under the Legal Services Act 2007.
ICAEW Response to Consultation on Guidance for the New Regulatory Objective on Economic Crime
  • ICAEW consultation and response
  • 17 Feb 2025
  • PDF (223kb)
ICAEW welcomes the Legal Services Board’s (LSB) consultation on guidance for the new regulatory objective of ‘promoting the prevention and detection of economic crime’. We are the largest accountancy professional body supervisor in the UK for AML compliance and as a Supervisory Authority, we support the government’s efforts to prevent economic crime and welcome the measures introduced by the ECCTA 2023.
ICAEW supports proportionate approach to AML regulation
  • Article
  • 18 Jun 2024
ICAEW has submitted its response to a recent government consultation on improving the effectiveness of the Money Laundering Regulations 2017 (MLRs). Michelle Giddings, ICAEW’s Head of AML, looks at the proposals and draws out the key points for ICAEW-supervised firms.
ICAEW REP 049/24 Raising standards in the tax advice market - Strengthening the regulatory framework and improving registration
  • Representation
  • 24 May 2024
  • PDF (430kb)
A representation dated 23 May 2024 to a consultation published by HMRC on 6 March 2024.
ICAEW response to Justice Select Committee on probate
  • ICAEW consultation and response
  • 26 Jan 2024
  • PDF (220kb)
ICAEW welcomes the opportunity to respond to the Justice Select Committee's call for evidence on probate. Our response reflects the views of ICAEW accredited probate practitioners (probate practitioners) and other individuals with experience using the service delivered by HM Courts and Tribunals Service. Our submission addresses certain questions the Committee has sought evidence on within each section.

PSD responses to consultations archive

In the accordions below, you can find past PSD responses to consultations published by third parties in our industry. 

ICAEW non-regulatory representations

ICAEW makes representations to policymakers on behalf of the accountancy profession explaining how changes to policy and legislation will impact day-to-day practice. Find the latest ICAEW representations, as well as those from previous years, and learn the views of ICAEW in its non-regulatory role. 

 

Further support

Useful links

Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: