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
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.
Consultation: 2022 probate registration fees
Our role as an improvement regulator is to protect the public. We expect the firms and individuals regulated by ICAEW to maintain the highest standards of professional competency and conduct. In turn, we continue to review and improve our regulatory processes and procedures to maintain the standards we expect of ourselves.
As an approved regulator and licensing authority for probate services, our activities are guided by and support the Legal Service’s Board 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.
To continue to deliver our ongoing programme of activity to fulfil these objectives and respond to the requirements of the Legal Services Act and new governance introduced by the Legal Services Board (LSB), we propose to increase probate registration fees by 5% for 2022. The rationale for this increase and how the money from registration fees will be used is explained in detail below.
We welcome your views on this consultation which is open from Friday 25 June to Friday 6 August 2021.
The following is a list of links to our past consultations which are now closed. Where indicated, you can also read our summary of the responses we received and any subsequent decisions.
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:
Please make use of the following resources to ensure you are up-to-date with the latest regulatory information and news: