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 matter 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 are either prepared by the PSD or where PSD has made a significant contribution to the overall ICAEW response to a consultation.
Responses to consultations
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.
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.
We welcome your views on this consultation which is open from 12 August 2021 until 5 November 2021.
This consultation has now closed and the results are being collated. View the proposed changes 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.
The IRB has finished consulting on its proposed RLS strategy and the results are being collated. 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.
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.
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:
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: