Regulatory and Conduct News

June 2021

Regulatory, disciplinary and PII committee vacancies
If you have the experience to help us maintain and support high standards of practice and professional conduct and would like to serve on one of our committees, we’d be delighted to hear from you.  

The 2021 Practice Assurance Monitoring Report has been published
Read the report for hints and tips on how to avoid the current, most common issues we see during monitoring reviews.

Live AML webinar: DAMLs and Tipping Off
ICAEW's AML supervision team are joined by three MLROs to discuss firm's regulatory obligations in these areas. The webinar will take place on 7 July.

Professional Standards Update – June 2021
Professional Standards update for June from Chief Officer Duncan Wiggetts. 

Stepping into the regulatory sphere
Members setting up in practice for the first time or firms moving into new areas of regulated work need to comply with a range of requirements, rules and regulations. 

Disciplinary update June 2021
Examples of some of the outcomes of disciplinary hearings during June 2021. We encourage all our members and firms to review the types of issues we see (and the resulting sanctions) to help them avoid the risk of a committee referral.

PII renewal: start early and prepare well
The hardening market for professional indemnity insurance (PII) has led to significant hikes in premiums, or even refusals of cover, as insurers become increasingly picky about the risks they will insure. What does this mean for renewals and what can you do to secure sufficient cover at a reasonable cost?

SARs making a difference
Submitting a suspicious activity report (SAR) is much more than a routine compliance obligation. We talk to Martin Cox, Head of Engagement, Communications and Risk Management, UK Financial Intelligence Unit (UKFIU), about the critical role ICAEW firms and members play in piecing together information that can protect vulnerable people and bring criminals to justice.

May 2021

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

Guidance on the new legislation that requires mandatory scrutiny of pre-pack sales to connected persons
Following the introduction of the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 on 30 April 2021, the Insolvency Service has issued guidance about the requirement for independent scrutiny of connected party disposals of company assets in an administration.

Professional Standards update
Professional Standards update for May from Chief Officer Duncan Wiggetts.

SIP 9 FAQs
Following a Joint Insolvency Committee (JIC) consultation, changes were made to Statement of Insolvency Practice (SIP) 9 with effect from 1 April 2021.

Disciplinary update: May 2021 newsletter
The Disciplinary Tribunal continues to be busy.

New times – new complaints: digital and ‘me too’
Digital has brought all sorts of opportunities and challenges but, for the ICAEW Investigation Team, the huge shift to digital has meant a whole new range of complaints.

Regulation and conduct through difficult times
The recently published ICAEW Regulatory Board (IRB) Annual Report 2020 highlights the hard work and efforts to maintain minimal disruption to ICAEW’s regulatory and disciplinary work, despite the most unusual of years. We talk to Michael Caplan QC, Chair of the IRB about its latest annual report and the role of the IRB.

Social media: the hidden risk of professional misconduct
As the pandemic further blurs the lines between our work and personal lives, how can firms and individuals reap the benefits of social media while ensuring the highest standards of professional conduct?

Take professional scepticism to the next level, Met Police forensic accountant urges
Joanna Bliault, a forensic accountant at the Metropolitan Police, urges accountants to take their professional scepticism to the next level and act on the most common red flags she has encountered in the line of duty.

April 2021

Professional Standards update
Professional Standards update for April from Chief Officer Duncan Wiggetts.

Changes to Statements of Insolvency Practice 16 and 13: Effective 30 April 2021
New regulations which are due to come into effect on 30 April 2021 will impose additional obligations on connected person purchasers in administrations.

The Disciplinary Tribunal continues to be busy
Disciplinary update for April 2021 on recent disciplinary cases heard, including decisions and fines.

Accountants and Diversity
Diversity, breadth, range are all so important in our lives, in our professions and in how we are regulated, that it’s no surprise bringing it to the ICAEW’s Regulatory Board (IRB) is a serious priority. The IRB is committed to taking account of inclusion and diversity in its activities, writes Sara Nathan OBE, Chair of the Regulatory and Conduct Appointment Committee (RACAC).

Investigation committee: avoiding the risk of referral
No one wants to receive a complaint about their professional conduct, let alone have their case end up in front of ICAEW’s Investigation Committee (IC). We talk to Paul Brooks, the Committee’s Chair, about how members and firms can engage more effectively with the process, as well as how best to avoid a referral in the first place.

The ARC: maintaining balance in a complex business
We speak with Rama Krishnan, Chair of the Audit Registration Committee (ARC), about the role the ARC plays in maintaining trust in audit standards.

Virtual reviews: a guide to remote monitoring
“Be prepared” has always been good advice for firms gearing up for a monitoring review by ICAEW’s Quality Assurance Department (QAD). But with remote reviews now the norm under COVID-19 restrictions, this message has never been more relevant.

March 2021

AML – the essentials, issue 20
AML the essentials, issue 20 contains guidance on how to submit good quality SARs, red flag indicators shared by the Metropolitan Police and an invitation to attend an upcoming SARs webinar (which is being jointly hosted by the National Crime Agency).

ICAEW seeks to revoke Irish RAB status
ICAEW intends to seek the revocation of its Recognised Accountancy Body (RAB) status in Ireland with effect from 1 July 2021.

Understanding money laundering risks
3 March 2021: A shared understanding between law enforcement, supervisory bodies and firms of money laundering and terrorist financing risks is crucial to ensuring firms recognise when they are at risk of being used to facilitate money laundering.

Insolvency News, Issue 3 March 2021
This issue includes new guidance on marketing and advertising in the IVA sector, updated SIPs 3.2, 7 and 9 and advance warning that SIP 16 will also be updated soon due to new legislation. 

Professional Standards update – Duncan Wiggetts (March 2021)
One of the important lessons I have learned from the pandemic is the value of regular and effective communications, so I am delighted to share my first monthly update which will also be included in a new monthly e-newsletter. 

February 2021

Disciplinary update: January / February 2021
The Disciplinary Tribunal was busy during Q4 2020 dealing with the backlog of tribunal hearings caused by the COVID-19 pandemic.

ARC – what are the issues and how can they be avoided?
ICAEW’s Audit Registration Committee (ARC) undertakes ICAEW’s responsibilities as a recognised supervisory body for audit under the Companies Act 2006. Rama Krishnan, Chair of the ARC reviews the issues that are coming before the committee, largely as a consequence of Quality Assurance monitoring visits. 

ICAEW takes the chair at the AML Supervisors Forum
ICAEW continues to be at the forefront of Anti Money Laundering (AML) supervision and now, throughout 2021, ICAEW’s Michelle Giddings, Head of AML, has been elected as Chair of the AML Supervisors Forum, set up by HM Treasury under the 2007 Money Laundering Regulations.

Keeping the Chartered Accountant’s badge shiny
If you or your firm are the subject of a complaint, what should you do? Importantly – don’t panic. Professional Conduct’s Investigation Team takes us through what you should – and should not – do.

Probate News
Issue 15 published.

How we cracked down on money laundering from home
Michelle Giddings, chair of the 2021 AML Supervisors Forum, outlines the measures ICAEW has taken to tackle anti-money laundering compliance during lockdown.

Probate: another string to your bow
Sole practitioner Vanessa Longley aims to increase her wills and probate workload to 70% of her revenue. Could other practitioners do the same?

January 2021

Insolvency practitioners: HMRC helplines currently closed
Contact ICAEW with your queries.

Audit News
Issue 67 published.

PII, Appeal and Fitness Committee Regulations updated 
Minor updates to the PII, Appeal and Fitness Committee Regulations took effect on 1 January 2021. 

• The PII Regulations: Guidance for the consideration of dispensation applications by the PII Committee and the requirement for firms to put in place run-off cover on ceasing practice have been updated.
• Appeal and Fitness Committee Regulations: The updates are to the procedural changes for the committees

End of the transition period: New Audit Regulations
In the UK, new January 2021 Audit Regulations are now effective. The major changes involve the qualification of EEA auditors and firms that could affect responsible individual (RI) status and ownership tests. In Ireland the January 2020 regulations continue to apply in respect of Ireland only.

• Read more 

December 2020

Remote auditing: a challenge for auditors during the COVID-19 crisis 
Forced into remote working, with little peer support, and unable to visit client sites auditors are facing a new set of challenges.

Consultation: Proposed guidance for insolvency practitioners
The Financial Conduct Authority has published a consultation paper proposing guidance for insolvency practitioners on how to approach insolvencies of regulated firms (GC20/5).
The consultation closes on 18 January 2021.

Grace period for professional probate applications
The grace period for professional probate applications to move to HM Courts and Treasury Services' online system has been extended to 11 January.

November 2020

Insolvency News
Issue 2 was published.

Suspicious Activity Reports – Thematic Review, guidance and information
Access best practice guidance on procedures for reporting suspicious activities and staff training.

The ICAEW Regulatory Board is recruiting.
The IRB is looking for one accountant member and two non-accountant members.

October 2020

AML - the essentials
Issue 18 published

Probate News
Issue 14 published

Professional probate applications to be mandated to an online process
The government has decided to:

• mandate the use of the online service for grant of probate applications by professional users, with a number of exceptions for more specialised applications
• continue to allow professional user applications for grants of letters of administration to be made via either the online process or the traditional method of applying via paper.

The new rules come into force on 2 November 2020.

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

Why crisis management is vital for all firms

September 2020

CCAB Guidance and explanatory notes published
The Guidance is currently in draft form as it is not yet approved by HM Treasury.

The 2020 Audit Monitoring Report has been published
Download the latest advice from our Quality Assurance team.

Transparency benchmarking summary published
This summary report aims to help our probate accredited firms identify where they can improve on transparency ahead of our Autumn review.

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 

 

Updates from more than six months ago